March 27, 2020

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IRS Suspends Payment Plan Payments For Three Months

March 27, 2020

 

The IRS officially announced today that it is suspending payments due on existing installment agreements from April 1 to July 15, but interest continues to accrue on the balance. New installment agreements for people who cannot pay their balance due continue to be available on the IRS’s website.

 

New payment plans can be found at www.irs.gov/payments. Question? Email us at inquiry@njcpaccounting.com.

 

Other related IRS announcements:

 

Offers in compromise (OICs): The IRS is extending a number of deadlines related to OICs. Taxpayers have until July 15 to provide additional information the IRS has requested to support a pending OIC. In addition, the IRS will not close any pending OIC request before July 15, 2020, without the taxpayer’s consent. As for OIC payments, taxpayers can suspend all payments on accepted OICs until July 15, 2020, although by law interest will continue to accrue on any unpaid balances. The IRS also will not default an OIC for taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020.

 

Field collection activities: The IRS will suspend any liens and levies (including personal residence seizures) initiated by field revenue officers during this period. Field revenue officers will continue to pursue high-income nonfilers and may perform other similar activities. Automatic system liens and levies will be suspended, however.

 

Private debt collection: The IRS will not forward new delinquent accounts to private debt collectors during this period.

 

Field, office, and correspondence audits: New field, office, and correspondence audits will generally not be started during this period except to preserve cases where the statute of limitation is about to expire. In-person meetings are being suspended, but remote examinations may continue.

 

Earned income tax credit (EITC): Wage verification reviews and other requests for information from taxpayers who are claiming the EITC will be postponed until July 15.

 

Appeals: The IRS Appeals Office is continuing to work its cases but without in-person meetings, using teleconferencing where necessary.

 

Telephone support: The IRS continues to answer the Practitioner Priority Service phone line, but due to reduced staffing levels, practitioners could face long wait times.

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