$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued?Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late.

To qualify for this relief, any eligible income tax return, not already filed, must be filed on or before Sept. 30, 2022

The agency is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will?automatically receive?more than $1.2 billion in refunds or credits. Many of these payments will go out by the end of September.

Full article from the IRS.

Schedule a call to discuss which returns are eligible.

Brandon Roberton, CPA - Partner

Ph: 513.245.0300 | [email protected]

Cultivate Smart Money.

www.longschaefer.com