The 2020 coronavirus epidemic ruined tax season for both taxpayers and tax experts.
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Many taxpayers have recently faced difficulties, delays, and missed deadlines that are frequently avoidable; yet,
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for returns due in 2020 and 2021, the Internal Revenue Service stated last week that it would refund more than $1.2 billion in late filing fees.
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The forms for the 2019 and 2020 tax years are eligible for this refund.
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The IRS predicts that refunds will come by the end of September.
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Chuck Rettig, commissioner of the IRS, said: "The penalty relief given today is yet another way the agency is helping people during this unprecedented time."
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If a person or business qualifies, penalty relief will be granted automatically; no call is needed.
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1.6 million taxpayers will get this bonus return in the upcoming month for any reason.
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For anyone who filed specific forms late for tax years 2019 and 2020, the IRS is offering "penalty relief."
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Forms for these years were due in 2020 and 2021, respectively.
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Businesses must have filed the 1099 forms by August 1, 2020 for 2019 returns or August 2, 2021 for 2020 returns in order to qualify for penalty relief for late 1099 forms.
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Only the late filing fee-which can be as high as 25% of any federal tax owed—is refunded under this scheme.