With the July 15 federal tax filing and payment deadline fast approaching, as part of its People First Initiative, the IRS has posted answers to FAQs on tax balances due and payment options.
One question on the top of many taxpayers’ minds is: Will the IRS forgive tax debts? The answer: No.
Any tax debts and balances will continue to accrue penalties and interest during the relief period (April 1, 2020 to July 15, 2020). However, the IRS states that the People First Initiative includes relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. Read the full list of FAQs here: https://bit.ly/2CVuJLI