Some taxpayers who can’t fully pay their tax bills may feel anxious. The coronavirus (COVID-19) crisis and temporary closures of certain IRS services may raise questions such as: Are existing IRS installment agreements affected by the extended tax deadlines? The IRS states that for taxpayers with existing installment agreements, payments may be suspended between April 1 and July 15, 2020, if the taxpayer prefers. This includes payments through a Direct Debit Installment Agreement. The IRS won’t consider agreements with suspended payments to be in default. However, by law, interest will accrue on unpaid balances. New installment agreements are also available. Contact us with questions.
Key conversations to have with your CPA
