KY-2021-02, IRS announces tax relief in Kentucky for victims of severe storms.
You can appeal to the Penalty Appeal Committee if you receive a notice or letter denying your request.
Chuck Rettig (IRS Commissioner) stated, Throughout this pandemic, IRS has worked tirelessly to support the country and provide relief to individuals in many different ways. The penalty reduction announced today is one more way the IRS is supporting people during this difficult time. This penalty relief will apply to all people and businesses who meet the criteria. You don't have to call.
IR-2021-224, More California wildfire relief from IRS: Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for certain areas
Around the NationThis section offers IRS news specific for local areas, such as disaster relief or tax provisions which affect certain states.
If a taxpayer is unable to fully pay their debt, they have the option of arranging an installment agreement. The plan allows them to spread their payments over time. Installment agreements options were extended by the IRS to remove financial statements, and substantiation in additional circumstances for balances greater than $250,000. If sufficient monthly payment proposals are made, they can be used. In an attempt to reduce Federal Tax Lien requirements, the IRS changed Installment Agreement procedures. It is now possible for some taxpayers that owe tax year 2019 only to have their Federal Tax Liens reduced.
You may also make other requests, such as for this new relief. Contact the number on the notice or respond in writing. To request relief, taxpayers must respond to any balance due notice.
AL-2021-01, IRS announces tax relief for victims of severe storms, straight-line winds, and tornadoes in Alabama
If the taxpayer refuses an offer in compromise based on a theory regarding Doubt over Liability or Doubt concerning Collectability (or ETA), then Effective Tax Administration may be available. The taxpayer must establish that the tax liability collection would result in hardship economics or where compelling public or equity considerations provide sufficient funds to allow for less.
What can the IRS take from youTax Relief for CoronavirusIRS provides tax relief for Coronavirus victims. The Coronavirus Tax Relief page has the most current information.
There have been important changes to the Child Tax Credit (CTC) that will help many families. The American Rescue Plan Act (ARPA) of 2021 expands the CTC for tax year 2021 only. The 2021 Child Tax Credit is up to $3,600 for each qualifying child.
Tax law provisions can be used to help taxpayers recover from the financial consequences of disasters, especially when they are declared a major emergency area by the federal government. Depending on your circumstances, the IRS might grant you additional time to file taxes and return. Individuals and businesses that are located in a federally declared disaster zone can receive a faster refund by filing amended returns to claim the loss from the previous tax year.
IR-2221-254, Hurricane Ida tax relief extended up to February 15, 2015 for certain or all of six qualifying States
To see the past tax relief the IRS provided in disaster situations based FEMA’s declarations, please visit Around the Nation.
To determine if your offer in compromis is eligible, you can use the IRS's Prequalifier. However, even if your offer is eligible, it doesn't guarantee approval.
IR-20221-252: IRS extends deadline for filing tax returns in 2021 to help victims of the Illinois-Tennessee tornadoes.
Sometimes, a compromise may be the best solution to remove tax debt that you are not able to pay. There are many options available to help you reduce your financial burden.
OICs can change people's lives, regardless of their income or background. Nearly 25,000 of 62,000 offered offers for compromise were accepted by the IRS in 2017. This is a 40.3% approval rate, which amounts almost to $256 million. The average dollar amount accepted was $10.234.
Consolidating debt is taking out one loan for multiple creditors. This can help you eliminate your debt but there are also some drawbacks.
Information about the latest tax relief provisions available to taxpayers who have been affected by natural disasters.
The IRS will not only provide relief for individuals and companies affected by the pandemic but it will also be able to use its resources to address backlogs in tax returns and letters from taxpayers, allowing them to return to their normal operations for the 2023 file season.