Must I pay on my existing IRS Installment Agreement during the Coronavirus pandemic?
• Yes. While the IRS suspended payments due between April 1 and July 15, 2020 on existing installment agreements, the suspension has lapsed. Payments must now be made to keep existing installment agreements in good standing. In most cases, taxpayers can simply resume making monthly installment payments under their existing installment agreement.
Will my back taxes continue to accrue interest during the COVID-19 pandemic?
• Yes. Interest on the back taxes will continue to accrue during the Coronavirus pandemic, so taxpayers wishing to avoid additional interest might consider continuing to make their IRS installment agreement payments.
Can I set up a new Installment Agreement during the Coronavirus pandemic?
• Yes. Taxpayers who are unable to pay their federal taxes are still able to request a monthly payment plan.
• Please contact us if you need help setting up an installment agreement with the IRS. Click here to schedule an appointment.
Gatherwright Freeman’s tax attorneys have been serving clients for over 20 years in the Northern Kentucky/Greater Cincinnati area, as well as across the country and around the world. If you need a Northern Kentucky or Cincinnati tax attorney to answer Coronavirus tax questions, please contact us.