On November 2, 2020, the IRS released new tax initiatives to offer help to taxpayers in the following variety of ways. Here are some of the more important tax collection options for taxpayers:
1. Taxpayers without income or the ability to pay can request a temporary suspension of collection activity through the Currently-Not-Collectible program.
2. Taxpayers with balance due amounts may qualify for installment agreement options with generous terms and time-frames, and taxpayers with existing Online Payment Agreements (OPA), or Direct Debit Installment Agreements (DDIA) can propose lower monthly payment amounts and update their payment due dates.
3. Other penalty relief options include first-time abatement for reasonable cause.
Here’s a closer look at some of the specific details of the assistance that the IRS is offering:
Please give a call if we can be of assistance to you at 215-735-2336 or 215-283-3137.
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