The IRS unveiled the new “People First Initiative” which intends to temporarily adjust and suspend some compliance programs.
IRS has established a series of relief to assist taxpayers. Highlights of the initiatives are:
Existing Installment Agreements
Taxpayers who are in an existing installment agreement are being relieved of payments due between April 1 and July 15, 2020. The IRS will not default any installment agreements; however, interest will continue to accrue on unpaid balances.
Offers in Compromise (OIC)
For pending applications, the new deadline will be July 15, 2020 to provide information.
Taxpayers have the option to suspend payments on accepted OICs until July 15, 2020 although interest will continue to accrue on unpaid balances.
Liens and Levies
Liens and levies will be suspended during this period. High-income non-filers will still be pursued by field revenue officers during this time.
Passport Certifications
This activity will be suspended during this time.
Private Debt Collection
This activity will be suspended during this time.
Field, Office and Correspondence Audits
Most new audits are currently suspended at during this time.
More details will continue to be revealed by the Internal Revenue Service. For the most current information visit: https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program
Please be advised
We have summarized available public information about this program and how it could affect you. We make no representations that we will update this information for subsequent changes. There are details that are not yet finalized. Please check the IRS website frequently for updated information or contact KHA Accountants, PLLC for additional information.