To assist people facing the economic challenges of COVID-19 issues, the Internal Revenue Service (IRS) recently announced a series of changes to assist taxpayers by providing relief on a variety of issues ranging from easing payment deadlines to postponing compliance actions. All information regarding the new tax changes are listed here.
Among the main changes is the decision of not providing names and personal data of delinquent taxpayers to private collection agencies. Nor will their data be sent to the Department of State, which could result in the nonrenewal of their passports.
The IRS also announced that all required minimum distributions (RMDs) in the year 2020 for various retirement plans are suspended. It has also suspended payments of all amounts due from April 1 through July 15, 2020, and no taxpayers will be in default on any IRS installment agreement during this period. Interest will continue to accrue on these installment agreements.
The IRS also informed it will not begin new audits and will suspend all appointments previously scheduled with taxpayers until July 15.
Previously, the IRS had already extended the 2019 tax filing deadline from April 15 to July 15 in response to the coronavirus pandemic. With that decision, millions of taxpayers gained three additional months to declare their taxes and settle their tax obligations.
HAYMAN-WOODWARD Global Mobility Services will continue to monitor information from the U.S. Internal Revenue Service to keep our clients well informed.
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