IRS Unveils new Taxpayer Relief Initiative

The IRS has unveiled its new “Taxpayer Relief Initiative,” which is designed to help struggling Taxpayers impacted by COVID-19 more easily settle their tax debts.  Highlights of the initiative include the following: 
 
1. Taxpayers who qualify for a short-term payment plan option may now have up to 180 days (instead of 120 days) to resolve their tax liability
2. The IRS is offering flexibility for some taxpayers who are temporarily unable to meet the payment terms of an accepted offer in compromise
3. The IRS will automatically add certain new tax balances to existing installment agreements with individual and out-of-business taxpayers
4. Certain qualified individuals who owe less than $250,000 may set up installment agreements without providing a financial statement or substantiation if their monthly payment proposal is sufficient
5. Some individuals who only owe for 2019 and who owe less than $250,000 may qualify for an installment agreement. Without a notice of federal tax lien filed by the IRS.  News Release IR 2020-248.