$19.95 
Learn more
June 30, 2020 11:13 pm
People First Initiative
In an effort to help taxpayers struggling with IRS collection and enforcement activities, the IRS launched the People First Initiative to provide relief (FS-2020-09, June 2020). The program modifies the following compliance programs:
- New and existing installment agreements
- Offers in compromise
- Field collection activities (liens and levies)
- Private debt collection
- Field, office, and correspondence audits
The IRS strongly encourages taxpayers with delinquent returns prior to 2019 to file those returns now. Many taxpayers are due refunds that they can claim if they file. Those who owe back taxes should take this opportunity to file delinquent returns and resolve any outstanding liabilities. Find more information from IRS FAQs at https://www.irs.gov/newsroom/people-first-initiative-providing-relief-to-taxpayers.
advertisement
Featured Books
Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
