IRS offers new tax breaks and deferrals for a pandemic - ForumDaily
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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.

Photo: Shutterstock

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 are facing challenges, and we are working hard to help people who are having trouble 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.

On the subject: IRS publishes tax rates and categories for 2021: what has changed

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 IRS employees are committed to continuing to help taxpayers wherever possible, including offering many options for those struggling to pay their tax bills,” said Darren Guillot, IRS Deputy Commissioner for Small Business. business and self-employment.

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