Did you file your 2019 or 2020 return late? If so, the IRS may provide you with penalty relief. In an attempt to return to normal operations and eliminate their backlog, the IRS will not be adding failure to file penalties to certain returns for 2019 and 2020 tax years. These failure to file penalties are assessed when federal tax returns are filed late, and a tax liability is owed. To qualify for abatement if you have not filed for 2019 or 2020 yet, your return must be filed by September 30, 2022. With this relief, the IRS hopes to help those who were affected by the COVID-19 pandemic.
This penalty relief is automatic, and no request will need to be sent to the IRS. Over 1.6 million taxpayers have already paid these penalties. Taxpayers who have already paid will automatically receive a refund. The IRS stated they will issue these refunds by the end of September. The IRS estimates that taxpayers will receive over 1.2 billion total in relief. Do not be alarmed if you see a credit on your bank account from the Department of the Treasury or receive a check in the mail!
For further information, visit the AICPA or IRS websites.
COVID Tax Relief from IRS
Did you file your 2019 or 2020 return late? If so, the IRS may provide you with penalty relief. In an attempt to return to normal operations and eliminate their backlog, the IRS will not be adding failure to file penalties to certain returns for 2019 and 2020 tax years. These failure to file penalties are assessed when federal tax returns are filed late, and a tax liability is owed. To qualify for abatement if you have not filed for 2019 or 2020 yet, your return must be filed by September 30, 2022. With this relief, the IRS hopes to help those who were affected by the COVID-19 pandemic.
This penalty relief is automatic, and no request will need to be sent to the IRS. Over 1.6 million taxpayers have already paid these penalties. Taxpayers who have already paid will automatically receive a refund. The IRS stated they will issue these refunds by the end of September. The IRS estimates that taxpayers will receive over 1.2 billion total in relief. Do not be alarmed if you see a credit on your bank account from the Department of the Treasury or receive a check in the mail!
For further information, visit the AICPA or IRS websites.
Any questions? Feel free to call us at 704-332-7800 or email Nicole at csc@fisheraccountants.com.
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