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:
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.
Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.