IRS offering penalty relief for certain 2019 and 2020 late filed tax returns
COVID tax relief: IRS to refund penalties for certain 2019 and 2020 tax returns.
Did you pay late filing penalties for tax years 2019 and 2020?
Still need to file tax returns for 2019 or 2020?
You now have until September 30, 2022 to file and be eligible for penalty relief.
The IRS has released Notice 2022-36, which provides penalty relief to most taxpayers who file certain 2019 and 2020 returns late. Penalties already paid will also be refunded. Many of these refunds will be issued be the end of September.
The relief applies to the failure to file penalty. The penalty is typically assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others listed in Notice 2022-36, posted today on IRS.gov.
To qualify for this relief, any eligible income tax return must be filed on or before September 30, 2022.
Read the complete IRS News release here: COVID tax relief: IRS provides 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 | Internal Revenue Service