The studies and analysis on the situation of the increased unemployment in the country are alarming. A deep decline in the economy is forecasted in the short term and there are no signs that the situation will improve without first getting worse. In other words, we must reduce expenses and readjust every aspect of our lives.
The pandemic is changing everyone and we are not the exception; work, school, the street, our families, friends and everyone around us have a different behavior and, therefore, our habits will change.
When there are changes as profound as what is currently happening, we hope that these changes also offer opportunities. Of course, one of the opportunities that will be offered to us once we begin to return to “normality”, is that of the federal government. The internal revenue department will offer the opportunity to negotiate and lower the debt of the citizens who have tax debts based on their financial situation of each individual.
As I mentioned earlier, the situation will worsen before it improves, and in the same way the Internal Revenue Service will be more aggressive and thus compels the taxpayer to find ways to demand their rights to a fair and accessible negotiation for each person. The types of benefits that each taxpayer can request from the IRS is an Offer in Compromise, in which you can offer less than you owe based on the financial situation you would be going through.
Another resource is to apply for a payment plan of up to 72 months. If they are threatening you to garnish your salary and savings that you have in the bank, do not wait and contact the IRS immediately and ask them to stop any type of action against you, explain your situation and tell them that if they do that; you and your family will suffer many consequences.
The opportunities that we can take advantage require us to meet certain elementary obligations, such as doing our tax reports and if we are behind in previous years, then catch up. When the IRS receives your taxes, processes them and determines the amount you really owe, then you can seek a fair settlement with them.
Remember that the IRS extended the date to file your tax return until July 15, 2020, also if you send tax payments every three months, you have until July 15, 2020 to pay the 1st and 2nd quarter of estimated taxes.