IRS providing COVID tax penalty relief to almost 1.6 million taxpayers
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created by Team Scrollingdowns
created by Team Scrollingdowns
The IRS released a notice on August 24 offering penalty mitigation to the majority of people and organisations
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who file specific 2019 or 2020 forms late in an effort to assist struggling taxpayers affected by the COVID-19 pandemic.
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Additionally, the IRS is taking steps to help those who have already paid these penalties.
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More than $1.2 billion in refunds or credits will be given automatically to almost 1.6 million taxpayers.
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By the end of September, many of these payments will be complete.
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In order to help the IRS, get back to normal operations in time for the 2023 filing season,
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this step will help it to focus its resources on processing backlog tax returns and taxpayer correspondence.
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According to IRS commissioner Chuck Rettig, the IRS has been working to help people in various ways throughout the pandemic.
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There is no need to call in order for individuals or organisations who qualify to receive this automatic penalty relief.
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The penalty for failing to file is exempt from the relief.
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When a federal income tax return is filed after the due date,
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a penalty of up to 25% of the unpaid tax is usually levied at a rate of 5% per month.
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This relief is applicable to forms into the Form 1040 and Form 1120 series,
as well as those identified in Notice 2022-36,
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