To help people facing the challenges of COVID-19 issues, the IRS announced a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
These new changes include issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. The IRS will be temporarily modifying the following activities as soon as possible; the projected start date will be April 1 and the effort will initially run through July 15. During this period, to the maximum extent possible, the IRS will avoid in-person contacts. However, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations.
Read the highlights and FAQs on the issues here.
The AICPA has done an incredible job developing a chart that provides the latest developments on the state tax filings due to the coronavirus.
This link is updated daily, so we recommend that you bookmark the page. We want to commend the AICPA for the great job they are doing to keep everyone in the accounting and tax profession up-to-date on this unprecedented event.