Federal Tax, Tax

Penalty Relief for Taxpayers Announced by the IRS

The IRS has announced penalty relief for nearly 4.7 million individuals, businesses and tax-exempt organizations that weren’t sent automated tax collection reminder notices during the pandemic. It involves about $1 billion in penalty relief. The IRS suspended automated reminders to pay overdue 2020 and 2021 tax bills starting in Feb. 2022. Although reminder notices were suspended, the failure-to-pay penalty continued to accrue for taxpayers who didn’t fully pay their bills in response to the initial balance due notice. The IRS will send reminder letters to eligible taxpayers showing current account balances after the penalty relief is applied. For more information: https://bit.ly/3tyYZqn. Contact us us with questions © 2024