Webinar Replay: IRS People First Initiative and Collections Response to COVID-19 Pandemic (Plus 2-hour Q&A)

 

This 50-minute webinar, which turned into three hours after the unintended 2-hour Q&A, covers information that CPAs, Enrolled Agents, and tax attorneys need to know in regard to IRS Collections Division actions during the coronavirus situation. This webinar includes technical guidance, marketing suggestions, and tasteless jokes for your entertainment. Recorded: March 27, 2020. Information was accurate as of the date of recording, but may be grossly outdated by the time you actually watch this. Replay not eligible for CPE.

 

Full Text of the People First Initiative News Release

Reposted for archival and informational purposes. Original news release at irs.gov. IR-2020-59, March 25, 2020 WASHINGTON — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. “The IRS is taking extraordinary steps to help the people of our country,” said IRS Commissioner Chuck Rettig. “In addition to extending tax deadlines and working on new legislation, the IRS is pursuing unprecedented actions to ease the burden on people facing tax issues. During this difficult time, we want people working together, focused on their well-being, helping each other and others less fortunate.” “The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes,” Rettig added “We are temporarily adjusting our processes to help people and businesses during these uncertain times. We are facing this together, and we want to be part of the solution to improve the lives of all people in our country.” These new changes include issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. The IRS will be temporarily modifying the following activities as soon as possible; the projected start date will be April 1 and the effort will initially run through July 15. During this period, to the maximum extent possible, the IRS will avoid in-person contacts. However, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations. “IRS employees care about our people and our country, and they have a strong desire to help improve this situation,” Rettig said. “These new actions reflect just one of many ways our employees are working hard every day to assist the nation. We care, a lot. IRS employees are actively … Continue reading

IRS People First Initiative: Collections Response to COVID-19 Crisis

This week, the IRS launched the “People First Initiative” to help taxpayers with Collections issues that are being impacted by the coronavirus pandemic.

On this webinar, we will discuss:
• What non-filers need to know.
• How the IRS is handling IA payments during this time.
• Impact on OIC processing.
• Handling of liens, levies, and CSEDs during this economic crisis.

We will be presenting a live CPE webinar on Friday, March 27 to discuss these important changes to Collection processing. For complete details and to register, please visit:

https://attendee.gotowebinar.com/register/283369841045960971

 … Continue reading

5 Ways to Help Your Clients Right Now During the COVID-19 Crisis

For millions of Americans, their tax professional is the only financial or business-oriented adviser in their life. Even if you don’t offer financial planning or advisory services, you are very likely the de facto financial services professional for many of your clients.

As such, here are five practical ways in which you can be a hero to your clients right now…

1. Remind them to “stay the course”.

We’re hearing the words “unprecedented” and “uncertain” thrown around a lot right now in relation to both the COVID-19 pandemic and the ensuing market volatility and pending recession. The problem that I have with those words is that they simply aren’t true. Both pandemics (2009, 1968, 1957, 1918, etc.) and recessions (2008, 2001, 1990, 1981, 1974, 1970, 1960, 1958, 1953, etc., etc.) are fairly common occurrences, even in modern times. Coronavirus is not the first pandemic, and this won’t be the last recession.

There is also always going to be volatility in the markets. Do folks forget the February 2018 bond drawdowns? Or the 20% decline in the stock market in the 4th quarter of 2018?

People do forget these things.

Yes, the recent stock market decline was extremely rapid (but let’s face it, valuations were overbid anyway and needed a correction).

But some people are saying that “this time is different”, and that the economy will never recover. Well, they said that during ever prior recession, also. This too shall pass.

Right now, you need to be communicating these facts to your clients, in an effort to help ease the pain and panic.

More than anything, you need to stress to your clients to NOT panic sell their investments. We’re seeing way too many people doing this, and all they’re doing is locking in their losses. Panic selling stocks and bonds is literally the stupidest financial move a person can make right now. They should just be leaving those accounts alone, doing nothing with them.

In fact, for your clients that can, they should continue making their normal monthly investment contributions. Why? Dollar cost averaging, that’s why. More shares for fewer bucks.

Do some research on staying the course. Write a series of emails to your client/prospect email list (you have one, right?). Communicate to them the importance of doing nothing. Yes, doing nothing. In the infamous words of Vanguard founder Jack Bogle, “Don’t just do something, stand there!”. … Continue reading