Wednesday August 24, 2022 – Today the IRS announces broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers.
IRS Commissioner Charles P. Rettig said “Penalty relief is a complex issue for the IRS to administer. We’ve been working on this initiative for months following concerns we’ve heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines.”
As with most IRS tax relief plans – if you followed the rules and filed on time – there is nothing for you. Not even a thank you.
Attorney Steven A. Leahy looks over this new IRS plan on Today’s Tax Talk.