IRS Changes

Another government agency is pitching in, to help those hit hard by the CORONAVIRUS. This time it’s the internal revenue service. The I-R-S has announced taxpayers with installment agreements can skip payments that are due between april first and july 15th 2020. The agency will not terminate an installment agreement for non-payment, but interest will continue to accrue and, in some cases, a late fee may also be added to the balance. If you have a direct debit installment agreement, call your bank and ask them to stop those payments. Some banks may let you do this over the phone, others may require you to put the request in writing.

After july 15th- if you are still struggling, you’ll need to negotiate again with the IRS on your installment agreement. But, if you have weathered the storm, and come out ok, you can simply ask the bank to reinstate your installment payments, or you can go the IRS website, and select the “DIRECT PAY” option. IRS offices are struggling, just like the rest of us, with the operational disruptions caused by CO-VID 19. So if you owe taxes but are not on any type of payment plan right now, this is an ideal time to call an experienced tax attorney who can help you collect all your documents and make a plan. Mary king is available and ready to help clients in the sarasota area. Call her or visit florida tax lawyers dot com.