In an effort to help taxpayers struggling with IRS collection and enforcement activities, the IRS launched the People First Initiative to provide relief (FS-2020-09, June 2020). The program modifies the following compliance programs:
The IRS strongly encourages taxpayers with delinquent returns prior to 2019 to file those returns now. Many taxpayers are due refunds that they can claim if they file. Those who owe back taxes should take this opportunity to file delinquent returns and resolve any outstanding liabilities. Find more information from IRS FAQs at https://www.irs.gov/newsroom/people-first-initiative-providing-relief-to-taxpayers.
An amount of gain on the sale of certain depreciable property that is treated as ordinary income in the case of personal property. Recapture is computed on Form 4797.