The IRS has postponed most tax filing and payment deadlines until July 15, 2020 due to COVID-19. The IRS issued Notice 2020-23, which grants relief for returns, tax payments, and other tax-related actions. According to Notice 2020-23 no late-filing penalty, late-payment penalty, or interest will be assessed on the items covered by this notice. The result for most filings is an automatic extension of time to July 15. Check out the notice issued at the link below.
Understanding the IRS Tax Debt Relief Process Part 2
Apply for Offer in Compromise Now that you understand how to prepare youself and what options are available, let's review how to present an Offer in Compromise. Remember, an Offer in Compromise is when you, the taxpayer, makes an offer to clear your debt for...
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