Taxpayers have been using the IRS tool (“Get my payment”) to check the amount and the date of their stimulus payment (i.e. the “economic impact payment” or “EIP”). In many cases, taxpayers have not been able to utilize this tool. In the coming tax year, many taxpayers will need to know the amount of their [...]
During the midst of the IRS COVID-19 shutdown, the IRS got kinder and gentler to high tax debtors. Although not an official IRS pronouncement as of 8/29/2020, the IRS now allows tax debtors who owe between $50,000 and $250,000 to pay on easier terms. The best feature of this new payment plan is that it [...]
The IRS offer in compromise (OIC) has always been a program with much controversy and confusion. Currently, there are over 19 million individual and business taxpayers who owe the IRS, but very few get an offer in compromise. There are actually 3 types of OICs: OIC for doubt as to liability: a tax settlement where [...]
Since 2015, IRS enforcement of non-filers has been almost non-existent. In past posts, I reported on the IRS suspension of delinquent return inquiries (IRS Letter CP59 and the non-filer enforcement process) and its substitute for return program (a “substitute for return” or “SFR” is a balance due return filed by the IRS when a taxpayer [...]
At the end of 2019, over 4.2 million taxpayers were in a payment plan with the IRS to pay their back taxes. During the COVID-19 pandemic, the IRS did the right thing: they allowed taxpayers to suspend their payments on installment agreements from April 1 to July 15th under the IRS’ “People First Initiative.” (PFI) [...]
Taxpayers hate paying IRS penalties. Unfortunately, most taxpayers who are assessed an IRS penalty do not request relief or are denied relief because they do not follow some basic do’s and don’ts. In some cases, requesting post-filing relief or “abatement” of penalties is not practical. However, for two of the most common IRS penalties, [...]
Tax professionals only - Update as of 5/11/2020: The IRS' Practitioner Priority Service (PPS) lines are now open again. They can be reached at 866-860-4259 and can answer many account related questions. Taxpayers have felt the impact of IRS operational closures due to the coronavirus pandemic. IRS campus operations and phone services are almost non-existent, [...]
The tax deadline for 2019 tax returns has been pushed to 7/15- but does that mean tax questions and issues end? No. But taxpayers with questions may have to use IRS online tools or wait until the IRS phone lines reopen. IRS phone operations are halted This morning, IRS phone lines have been taken offline. [...]
Most taxpayer each year eagerly await their tax refund. 72% of the 155.8 million individual tax filers received a refund in 2019- and the average refund was significant - $2,869. Most taxpayers can predict, within a few days, when their refund will arrive. The IRS advertises that it issues 90% of all refunds within 21 [...]
The IRS is back – and non-filers beware. On February 19, 2020, the IRS announced a new initiative to re-engage in bringing many past non-filers back into the tax system. Recent history of IRS non-filer enforcement In 2018, the IRS identified 10.6 million individual non-filers. However, in the past few years, the IRS has done [...]
