Tax Debts and The Taxpayer Relief Initiative

Published by William T. Fricke at November 20, 2020

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There are roughly 15 million individuals and business owners with tax debt. Owing back taxes prior to 2020 was common enough, but this year has been even more financially challenging for many people and businesses. If you find yourself part of the 15 million, you need to take steps to resolve your tax issues. The team at Fricke and Associates, LLC. can help you determine your eligibility for relief and possible tax forgiveness. You may qualify to have tens of thousands of dollars forgiven without realizing it.

Exciting New Tax Relief Opportunity: The Taxpayer Relief Initiative

The IRS announced The Taxpayer Relief Initiative on November 2nd. The program was designed to provide relief to individuals and business owners who are unable to pay their taxes due to the Coronavirus crisis. Although the IRS has always had payment installments and offers in compromise as possible options for struggling taxpayers, this program offers another opportunity considering this unprecedented year with the pandemic.

Key Details about The Taxpayer Relief Initiative:

·        Taxpayers qualified for short term payment plans can have 180 days to resolve their tax liabilities versus the typical 120 days.

·        The IRS has promised more flexibility for taxpayers temporarily unable to make payments on an offer in compromise or installment agreement.

·        Instead of waiting for taxpayers to default on their agreements, the IRS will add tax balances to existing agreements for individuals and business owners who have gone out of business.

·        If individuals owe less than $250,000, they may be qualified for an installment agreement without providing financial statements when their monthly payment proposal is completed appropriately.

·        If an individual who only owes 2019 taxes and less than $250,000, they may qualify for an installment agreement without having a notice of a federal tax lien filed by the IRS.

·        Qualified taxpayers using direct debit payment installments may be able to request lower monthly payments and change their payment due dates.

·        Upon request by a taxpayer unable to pay, the IRS will grant a temporary halt in collections.

By taking advantage of the opportunities provided by the IRS, you can dig out from underneath the burden of your tax liability. Act now to schedule a consultation with Fricke and Associates, LLC and start exploring your options. The IRS takes tax debts very seriously and they expect you to pay or establish a plan for payment right away. We know the ends and outs of tax debts and relief, so we can help you get the best option for resolving your tax liability. Our team can even directly correspond with the IRS on your behalf to ensure the best outcome. Call Fricke and Associates, LLC today!

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