IRS Provides Relief to Taxpayers With Installment Agreements or Offer In Compromise (OIC)
IRS Introduces additional measures to provide relief for taxpayers during the COVID-19 pandemic. Many are logistical items within the IRS itself, but the below are key items that concern taxpayers, specifically those with installment agreements and offer in compromise (pending or accepted).
- Payments due between Apr 1 and Jul 15 under existing installment agreements are suspended. Interest will continue to accrue
- Taxpayers are given until Jul 15 to provide requested additional information to support pending Offer in Compromise (OIC)
- Payments due between Apr 1 and Jul 15 under existing Offer in Compromise (OIC) agreements are suspended. Interest will continue to accrue
- IRS will suspend new certifications to the Department of State for taxpayers who are "seriously delinquent" during this period.
In addition to these items, the IRS estimates that over 1 million people who have not field returns in the last 3 years are actually due refunds. If you have not filed a return, please get in touch with TFX asap.