This article from irs.gov addresses resuming tax payments on installment agreements.
“July 13, 2020
If you took advantage of the IRS’s People First Initiative tax relief and didn’t make previously owed tax payments between March 25 to July 15, you’ll need to restart those payments.
The IRS didn’t default agreements or reduce balances during the relief period, but you’ll need to resume payments by the first due date after July 15 to avoid interest, penalties, and possible default of the agreement.
See IRS.gov for details on resuming payments, including:
- Installment Agreements
- Direct Debit Agreements
- Offers in Compromise
- Private Debt Collection”
This is good news if you missed a few payments on your installment agreement during these months. When resuming, you do not need to pay the full amount for all the months missed but it is a good idea too. Interest is still accumulating even if your payments are pushed out.
Written by Laura Fleig
September 14, 2020
