Settling tax debts and dealing with the IRS can be intimidating, let alone during a pandemic that has impacted the financial wellbeing of so many. The ALG Group has a longstanding track record of helping our clients navigate their options for tax resolution, and we’re here to help during these unprecedented times as well.
The good news is the IRS has also announced numerous changes within their Collection Division designed to provide further assistance to individual and business taxpayers experiencing financial hardship associated with the COVID-19 pandemic.
The new program, dubbed the Taxpayer Relief Initiative, builds upon existing options that have always been available to make paying owed tax liability easier for those struggling to do so, in addition to other pandemic-related relief provisions that were enacted earlier this year.
The ALG Group is committed to ensuring that you understand the options available to you. We’ve helped countless clients save thousands of dollars and we can apply our extensive knowledge and experience as tax resolution professionals to your individual situation to maximize the benefit of these recent changes.
The new collection changes put forth by the IRS Taxpayer Relief Initiative are intended to help make it easier to set up payment agreements and repay tax debts for those who may be struggling as a result of the COVID-19 pandemic. It should be noted that these changes only apply to cases that are not assigned to a Revenue Officer in Field Collection. However, the changes below are especially helpful to taxpayers who have a record of filing and paying their taxes on time.
Relief for taxpayers struggling with tax debts include:
The IRS Taxpayer Relief Initiative also highlights new reasonable-cause relief from additional penalties for those with existing failure-to-file, failure-to-pay and failure-to-deposit penalties. Additionally, first-time abatement penalty relief is now available for those subject to the aforementioned penalties for the first time. While these new changes may sound overwhelming, they’re intended to help provide additional options and extended timelines for repaying tax debt amid this year’s pandemic.
Dealing with the IRS and overcoming tax debt challenges can be intimidating, especially during such unprecedented times. Rest assured, you do not have to go it alone. The ALG Group is your steadfast partner in all aspects of tax resolution, tax planning and tax preparation. We’re here for you throughout the year, during and outside periods of crisis. If you have any questions about the collection changes put forth by the IRS Taxpayer Relief Initiative or need assistance contacting the IRS, don’t hesitate to contact us. We’re always here to help you formulate the best strategy possible for your unique circumstances.