The IRS filing deadline has been extended for your tax returns. This changes the date from April 15 to July 15, 2020. Remember, if you cannot file by the extended date, the IRS does offer extensions. Contact the IRS if you need an extension.
The extension will also apply to tax payments, and you will not need to contact the IRS or file any additional forms to qualify. According to the IRS, this “applies to all individual returns, trusts, and corporations.”
Any interest or penalties will not begin until July 16, 2020. However, you can avoid interest and penalties by paying your taxes by July 15, 2020.
Are You Still Worried About Your Tax Debt?
Your first step should be to make an appointment with a qualified bankruptcy attorney to hear about how bankruptcy can help your situation. Speaking with a qualified bankruptcy attorney will help you review what options will work best for your specific situation.
You may qualify for a Chapter 13 or Chapter 7 Bankruptcy. A Chapter 13 will enable you to set up a payment plan, while eliminating a fair amount of interest and penalties. On the other hand, a Chapter 7 takes less time. This will stop the IRS collections process for a short amount of time. However, once the bankruptcy is over, they will resume. Keep in mind, you should only use Chapter 7 if you have debts that qualify for discharge.
Need More Information on Getting Rid of Tax Debt?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like you to get to know us. This is to make sure you are the right fit for us and that we are the perfect fit for you, so that you can be completely comfortable sharing even the most intimate and difficult details of your case with us so we can offer you representation to the fullest extent of the law. Call us for a free consultation to find out the options that will work best to help eliminate your IRS tax debt.