As Per the “People First Initiative,” the IRS will Suspend Most Audits and the Collection of Most Back Tax Liabilities
By Anthony Diosdi On March 18th, the Internal Revenue Service (“IRS”) promulgated Notice 2020-17 entitled “Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic.” The notice provided for an extension of time to pay federal income taxes originally due April 15, 2020 until July 15, 2020. This relief applied only to individual tax amounts up to $1,000,000, regardless of filing status or up to $10,000,000 for each consolidated group or each C corporation that does not file a consolidated tax return. On March 20th, Treasury Secretary Mnuchin announced on Twitter that the deadline to file tax returns has been extended to July 15th. On March 25th, the IRS unveiled a new “People First Initiative.” This initiative was enacted by the IRS in an effort to “at least temporarily ease…