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Optima Tax Relief Looks into a Taxpayer Relief Initiative Aimed to Help those Financially Affected by COVID-19

The IRS has looked into its collection activity and possible tax relief solutions for taxpayers that have been financially struggling due to the ongoing pandemic. The IRS has decided to expand taxpayer options for making payments and other ways to resolve tax debt.

Taxpayers that owe a tax liability have options to get assistance through payment plans as well as other tools from the IRS through the IRS Taxpayer Relief Initiative.

The COVID-related collection procedure has been revised will assist taxpayers, especially those who have a record of filing their taxes for prior years.

Optima Tax Relief looks into the highlights of the Taxpayer Relief Initiative:

  • Taxpayers that qualify for short-term payment plans now have up to 180 days to resolve their tax balances instead of 120 days.
  • The IRS now offers flexibility for certain taxpayers that are temporarily unable to meet the payment terms of their accepted Offer in Compromise.
  • The IRS automatically adds new tax balances to ongoing Installment Agreements for both individual and business taxpayers who have gone out of business.
  • Certain qualifying taxpayers who owe less than $250,000 have the ability to set up an Installment Agreement without having to provide any financial substantiation if their monthly proposal is sufficient.
  • Individual taxpayers that only owe for the 2019 tax year and only owe less than $250,000 may qualify to be set up an Installment Agreement without a notice of a federal tax lien filed by the IRS.
  • Qualifying taxpayers that have existing Direct Debit Installment Agreements may have the ability to use the Online Payment Agreement System through the IRS website to propose lower monthly payment amounts compared to their current ones and also change their payment due dates if their current date does not work from them.

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