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IRS Announces Tax Debt Help | New Tax Relief Programs

Updated: Nov 11

FLAT FEE TAX RELIEF Coast to Coast Tax Relief Programs

The IRS, on November 2, 2020, announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because of the pandemic (IR-2020-248). Taxpayers who owe taxes and could not pay have always had options such as installment agreements and offers in compromise, but now they have more options.

The highlights of the Taxpayer Relief Initiative, according to the IRS:

1. A Taxpayer who qualifies for a short-term payment plan option may now have up to 180 days to resolve their tax liabilities instead of the usual 120 days.

2. The IRS says it will offer more flexibility for a taxpayer who is currently unable to meet the payment terms of an accepted Offer in Compromise.

3. The IRS will automatically add certain new tax balances to existing installment agreements for individuals and for business taxpayers who have gone out of business. This will occur instead of having taxpayers default on their agreements.

4. Certain qualified individual taxpayers who owe less than $250,000 may set up installment agreements (#InstallmentAgreements) without providing a financial statement or substantiation if their monthly payment proposal is sufficient. 

5. Some individual taxpayers who owe only 2019 taxes and owe less than $250,000 may qualify to set up an installment agreement without having a Notice of Federal Tax Lien filed by the IRS.

6. A Qualified taxpayer who has an existing direct debit installment agreement may now be able to use the online payment agreement system to propose lower monthly payment amounts and change their payment due dates.

7. A Taxpayer who cannot pay can request a temporary halt in collection efforts, which the IRS will grant if the taxpayer is currently unable to pay. You may be placed into Currently not Collectible status.

Reasonable Cause and first-time abatement (Penalty Abatement)

This new IRS Initiative (see #FreshStartInitiative)is also highlighting reasonable-cause relief from penalties for taxpayers with failure-to-file, failure-to-pay, and failure-to-deposit penalties. First-time abatement penalty relief is also available to taxpayers the first time they are subject to an IRS penalty. f This article is provided by the tax professionals at Flat Fee Tax Relief who have been providing valuable Tax Relief Help at a very affordable fee for more than a decade. Our professional teams provide coast to coast IRS protection as our tax pros are strategically located in Clearwater, Florida, and San Diego, California. This allows our Tax Attorneys to be available both to you, our client, and the IRS from 8 A.M. Eastern to 6 P.M. Pacific time. The increase in hours available is an invaluable tool.

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