IR-2021-254, Hurricane Ida tax relief extended to February 15 for part or all of six qualifying states
Additional tools that the IRS offers to taxpayers who owe income taxes include Installment Agreements and Payment Plans.
An IRS letter will give you the amount that is acceptable if your offer is rejected. An IRS copy of any report that lists why the offer was rejected will be sent to you. Ask the IRS for one. If the IRS won’t provide it, you may ask the Freedom of Information Act.
Who is most likely to get auditedSee IRS guidance on retroactive termination of Employee Retention Credit.
Small Business Administration. The U.S. Small Business Administration provides affordable, timely and available financial assistance for homeowners, renters, businesses, and other individuals who are located in areas declared to be disaster areas. The government offers financial assistance in the form low-interest, long term loans to help with losses that aren't fully covered by insurance.
In addition to payment plans and Installment Agreements, the IRS offers additional tools to assist taxpayers who owe taxes:
IR-20221-213, Additional Ida Relief from IRS: Sept. 15 and Oct. 15 deadlines. Other dates extended to January 3 for certain parts of Connecticut
Many businesses affected by coronavirus (19) are eligible for employer tax credits - such as the Credit for Sick and Family Leave Credit and the Employee Retention Credit.
Throughout COVID-19, the IRS has continued to adjust operations to help ensure the health and safety of employees and taxpayers, including the extensive and temporary relief of the IRS People First Initiative. More information and background on the collection relief and procedures can be found in A Closer Look.
For the most up-to date information on filing and credit information, see the Advance Child Tax Credit 2021 web page. Puerto Rico families may check their eligibility and obtain more information at Resources and Guidance Puerto Rico families that may be eligible to receive the Child Tax Credit.
IR-20221-224 - More California wildfire assistance from IRS: Sept. 15, Oct. 15. Deadlines, additional dates extended to January 3 for certain areas
Federal Emergency Management Agency, (FEMA). Federal disaster assistance programs offered by the Federal Emergency Management Agency are available for citizens who have been affected by major catastrophes.
IR-2021230 IRS - All of Mississippi now eligible for expanded Hurricane Ida aid; Sept. 15, Oct.15 deadlines, and other dates extended until Jan. 3
DisasterAssistance.govThis is a one stop Web portal that consolidates information from 17 US Government Agencies where taxpayers can apply for Small Business Administration loans through online applications, receive referral information on forms of assistance that do not have online applications, or check the progress and status of their applications online.
You can securely access your IRS online accounts to view your totals of your first, third and fourth Economic Impact Payment amounts. This information is available under the Tax Records section. The Get My Payment application is no longer available to verify your payment status.
When the amount you offer is the highest we can collect in a reasonable time frame, we will generally accept an offer of compromise. Before you submit an Offer in Compromise, be sure to investigate all possible payment options. The Offer in Compromise is not right for everyone. Be sure to verify the qualifications of anyone you hire to help with your Offer in Compromise.
There are two ways to respond to IRS refusing an OIC. You can resubmit the offer. A new Form 656 is not required, unless you have received the initial offer within one calendar month.
AL-2021-01, IRS announces tax reliefs for victims of severe storms or straight-line wind gusts in Alabama
There are many options available to the IRS for both short-term as well as long-term payments. Installment Agreements are also possible via the Online Payment Agreements (OPA) system. This service is generally only available for individuals who owe $50,000 combined in income tax, penalties and interests or businesses that total $25,000 or less. Certain taxpayers are now eligible to have their short-term payment plans extended by 120 to 180 calendar days.
The IRS offers audio presentations on Planning for Disaster. These presentations include information about business continuity planning and insurance coverage. They also discuss recordkeeping and other useful tips for staying in the business after a major natural disaster.
Penalty relief will be granted automatically. This means that all eligible taxpayers are automatically eligible for relief. If penalties have already been paid, they will be waived. If taxes have been paid, the taxpayer can receive a credit/refund.