IRS offers new tax credits and deferrals for the duration of the pandemic
Taxpayers who still owe money to the government will have enhanced payment options. Fox Business.
On Monday, November 2, the IRS unveiled new debt relief options for taxpayers who are still recovering from the coronavirus pandemic.
Under the new system, taxpayers who still owe money to the government will have more options for making payments and alternatives for paying off balances.
Taxpayers who qualify for the short-term payment plan option can now get up to 180 days to pay, instead of the usual 120 days.
“The IRS understands that many taxpayers face challenges, and we are working hard to help people who have problems paying their tax bills,” said IRS Commissioner Chuck Rettig.
The federal agency also automatically adds certain new tax balances to existing installment agreements for individual taxpayers instead of defaulting, which "could make things more difficult for those trying to pay their taxes," the press release said.
In addition, certain qualified individual taxpayers who owe less than $ 250 can enter into installment agreements without providing a financial statement or justification if their monthly offer is sufficient.
Finally, the IRS will allow qualified taxpayers with active installment direct debit agreements to use the online payment agreements system to offer lower monthly payments and change their payment dates.
“We want people to know that the IRS is committed to continuing to help taxpayers wherever possible, including by offering many options to those struggling to pay their tax bills,” said Darren Guillot, IRS Deputy Commissioner for Smallholders business and self-employment.
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