Thedon't stop me now darktide
IRS
unveiled new debt relief options on Monday for taxpayers still reeling from the
coronavirus
pandemic.
Under the new system, taxpayers who still owe money to the government will receive expanded choices for making payments and alternatives to resolve the balances owed.
STILL HAVEN'T RECEIVED YOUR STIMULUS CHECK? WHAT YOU NEED TO DO
Taxpayers who qualify for a short-term payment plan option may now receive up to 180 days to pay back the money, instead of the usual 120 days.
"The IRS understands that many taxpayers face challenges, and we're working hard to help people facing issues paying their tax bills," IRS Commissioner Chuck Rettig said in a statement.
The federal agency is also automatically adding certain new tax balances to existing installment agreements for individual taxpayers instead of defaulting the agreement, which "can complicate matters for those trying to pay their taxes," the news release said.
MAJORITY OF STIMULUS FUNDS SENT TO DEAD PEOPLE HAVE BEEN RECOVERED, TREASURY SAYS
On top of that, certain qualified individual taxpayers who owe less than $250,000 can set up installment agreements without providing a financial statement or substantiation if their monthly payment proposal is sufficient.
Finally, the IRS will allow qualified taxpayers with existing direct debit installment agreements in place to use the online payment agreement system to propose lower monthly payment amounts and change their payment due dates.
"We want people to know our IRS employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills," said Darren Guillot, deputy commissioner for the IRS's Small Business and Self-Employed Division.
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