The Internal Revenue Service on Tuesday announced roughly $1 billion in penalty relief to those owing back taxes from 2020 and 2021, during the height of the COVID-19 pandemic.
The agency estimates the relief will affect roughly 5 million tax returns, filed by 4.7 million people, and amount to an average of $206 in relief per return. Specifically, the IRS is moving to waive failure-to-pay penalties from those years and individuals owing back taxes must still pay their outstanding balances.
The penalty relief, which is automatic, will only apply to those with assessed tax below $100,000.
“As the IRS has been preparing to return to normal collection mailings, we have been concerned about taxpayers who haven’t heard from us in a while suddenly getting a larger tax bill. The IRS should be looking out for taxpayers, and this penalty relief is a common-sense approach to help people in this situation,” IRS Commissioner […]
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