IRS Abates $1.2 Billion in Penalties

IRS Abates $1.2 Billion in Penalties: Contents

IRS Abates $1.2 Billion in Penalties for 1.6 million taxpayers

The IRS announced Wednesday that up to 1.6 million taxpayers will receive more than $1.2 billion in refunds or credits for penalties paid (or owed) by the end of SeptemberThe relief targets taxpayers and businesses affected by the COVID-19 pandemic who were penalized for filing late returns for 2019 or 2020.  The relief applies to a failure to file penalty for tax years 2019 and 2020 and includes forms in both the Form 1040 and 1120 series. A full list of impacted forms can be found in IRS Notice 2022-36PDF.

Click here to read the full article:  IRS Announces Penalty Relief for Certain 2019 and 2020 Returns (investopedia.com)

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