Did you file your 2019 or 2020 tax returns late and incur fees? Don't worry! $1.2 Billion in IRS relief funds are coming.
If you filed your 2019 or 2020 tax return late than you probably incurred fees. But because of the pandemic the IRS released this notice: CLICK HERE. which will give relief to people with late fees.
How to qualify:
You must have your 2019 or 2020 tax returns filed by September 30th 2022
Are you eligible?
If you have failed to file or have filed late
The penalty is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax when a federal income tax return is filed late. It applies to forms in both the 1040 and 1120 series, as well as others listed in the notice.
Small Business owners may also be eligible for relief for various information returns such as the 1099 series. To qualify for relief:
eligible 2019 returns must have been filed by Aug. 1, 2020.
eligible 2020 returns must have been filed by Aug. 1, 2021.
Taxpayers should review notice 2022-36 for full details on the information returns that are eligible for relief.
Are you not eligible?
If you had a fraudulent tax return
If you incurred a failure to pay penalty
if the penalty was assessed as part of an examination.