The IRS said Tuesday that it will waive penalties for people who have failed to pay back taxes totaling less than $100,000 per year for the 2020 and 2021 tax years.
Nearly 5 million tax-exempt individuals, businesses and organizations, most with incomes less than $400,000 a year, will be eligible for relief starting this week, amounting to about $1 billion, the agency said.
The IRS has temporarily suspended sending automated reminders to pay overdue tax bills during the pandemic, starting in February 2022, and agency leadership says the pause in automated reminders is one of the reasons behind the decision. forgive fines for non-payment.
“Due to the unprecedented effects of the COVID-19 pandemic, these reminders would normally have been issued as a follow-up after the initial notice,” the IRS said in a statement.
“Although these reminder notices have been suspended, the nonpayment penalty continues to accrue for taxpayers who did not pay their bills in full in response to the initial balance due notice.”
Nearly 5 million tax-exempt individuals, businesses and organizations (most of which earn less than $400,000 per year) will be eligible for relief starting this week. fake images
While the IRS plans to resume sending normal collection notices, Tuesday’s announcement is intended as a one-time relief based on the unprecedented disruption caused by the pandemic, IRS officials said.
“It was an extraordinary moment and the IRS had to take extraordinary measures,” IRS Commissioner Daniel Werfel told reporters. He said the change will be automatic for many taxpayers and will not require additional action.
Taxpayers are eligible for automatic relief if they filed a tax return series 1040, 1041, 1120, or Form 990-T for the years 2020 or 2021, owe less than $100,000 per year in back taxes, and received a notice initial balance due between February, December 5, 2022 and December 7, 2023.
“It was an extraordinary moment and the IRS had to take extraordinary measures,” said IRS Commissioner Daniel Werfel. AP
If people paid the non-payment fine, they will receive a refund, Werfel said in a call with reporters. “People need to know that the IRS is on their side,” he said.
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