The latest from the IRS was posted the afternoon of March 25, 2020. This is related to relief for taxpayers under installment agreements or anybody receiving notices for liens and levies.
The IRS is suspending payments due between April 1 to July 15 for existing installment agreements. Taxpayers unable to pay the amounts in their installment agreements can defer their payments without being in default. However, based on federal law, interest will still continue to accrued. If you owe money for the current year or previous years the IRS encourages you to apply for an installment agreement.
The IRS is also suspending liens and levies from field revenue agents and the automatic systemic liens and levies.
As with every year the IRS is recommending that non-filers catch up their tax returns. There is a statute of limitation on how long you have to claim refunds on prior years. You have three years from the time the return should have been filed.
While there are other items in this relief at this time none of our clients are affected by them. If you would like to read about them you can find more information at https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program.
