• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick If you faced a tax penalty during the pandemic, the IRS may have a new break for you
Editor's Pick

If you faced a tax penalty during the pandemic, the IRS may have a new break for you

by December 21, 2023
by December 21, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The Internal Revenue Service announced Tuesday that some tax filers who faced late-pay penalties for tax years 2020 and 2021 will have those penalties waived.

The waiver will apply to filers with assessed tax bills of less than $100,000 and who were in the IRS collection notice process, or were issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023.

The waivers will be automatically applied, meaning those who qualify will not have to take any action on their own to benefit from the relief.

The IRS said its decision to grant the waiver is due to the agency having suspended late payment reminders in February 2022 because of the pandemic. Taxpayers who owed money for the 2020 and 2021 tax years would have received an initial notice of their bill, but no follow-up reminder. Even though no follow-up collection notice was sent, the tax penalty continued accruing, the IRS said.

The agency plans to start sending out special reminder letters in January 2024 to alert filers of their current liabilities, ways to pay and the amount of penalty relief, if applied.

‘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,’ IRS Commissioner Danny Werfel said in an agency release.

‘The IRS should be looking out for taxpayers, and this penalty relief is a common-sense approach to help people in this situation.’

The agency estimates 4.7 million individuals, businesses, trusts, estates and tax-exempt organizations are eligible for the penalty relief, representing $1 billion in savings to taxpayers, or about $206 per return.

This post appeared first on NBC NEWS
You Might Also Like
  • Capital One-Discover merger could put a bigger squeeze on credit card users, experts warn
  • Six months after ‘zero Covid,’ U.S. firms in China still face ‘uncertainty on top of uncertainty’
  • Are fears of a shoplifting surge running away from the facts?
  • Elon Musk’s X Corp. files notice in Alex Jones’ Infowars bankruptcy case
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Top Five Charts of 2023 #3: Market Breadth Indicators
next post
TGI Fridays-branded chicken bites sold at grocery stores nationwide recalled due to plastic contamination

You may also like

Delta CEO predicts ‘record’ summer travel season as FAA warns...

April 14, 2023

Target says it will close nine stores in major cities,...

September 27, 2023

United Airlines reaches ‘industry-leading’ labor deal with flight attendants, union...

May 24, 2025

Egg prices are falling, with a dozen now less than...

March 14, 2025

Women’s Tennis Association extends media rights deal with Tennis Channel...

June 26, 2025

First Republic bank says deposits tumbled 40% to $104.5 billion...

April 26, 2023

Jeep expects to grow plug-in hybrid SUV sales by as...

June 4, 2024

OpenAI closes funding at $157 billion valuation as Microsoft, Nvidia,...

October 3, 2024

Inflation cooled to 6% in February as the Federal Reserve...

March 16, 2023

Open seating no more? Southwest CEO says airline is weighing...

April 27, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Drone company’s stock soars after it...

    November 29, 2024

    Jaguar reveals glossy rebrand that features...

    November 20, 2024

    Building Brand Names: 5 IoT Startups...

    March 11, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here