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I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.
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Who’s afraid of the big bad IRS?
Not me… at least not until after July 15 of this year.
Why should you and I breathe easier until then?
Because the IRS is dramatically reducing most of its enforcement and collection actions until July 15!
That’s right. Because of the COVID-19 epidemic, the IRS has decided to give you more time to better manage your personal and financial affairs.
Want to find out more about how the IRS’s new policy takes some pressure off? Read my new article titled Tax Tips: COVID-19: IRS Provides Relief from Enforcement Actions.
Four ways you can get relief from IRS pain:
- Installment agreements. If you have an installment agreement with the IRS, they’ll suspend your payments due between April 1 and July 15, 2020. What’s more, the IRS will not default any installment agreements during this period. We’ll give you the whole story when you read the full article.
- Offers in Compromise. If you have a pending Offer in Compromise, the IRS will allow you to wait until July 15, 2020 so you can provide requested additional information supporting your pending offer. The IRS also won’t close any pending Offer in Compromise requests before July 15, 2020 without your consent. You’ll get all the details when you read the full article.
- Collection actions. IRS field revenue officers won’t initiate liens and levies (including any seizures of personal residences) through July 15, 2020. More good news. There are three other actions the IRS won’t take until the July date. We’ll tell you what they are when you read the full article.
- Audits. The IRS generally will not start new field, office, or correspondence examinations through July 15, 2020. The IRS will also suspend all in-person meetings regarding current field, office, and correspondence audits. We’ll give you the whole story when you read the full article.