IRS Waives Penalty Fees for Taxpayers

Great news everyone! The IRS has announced that it will waive penalty fees for taxpayers who failed to pay back taxes totaling less than $100,000 per year for tax years 2020 and 2021. This means that nearly 5 million people, businesses and tax-exempt organizations, most of whom earn under $400,000 per year, will be eligible for this relief starting this week! The total amount of relief being offered is an incredible $1 billion!

During the pandemic, the IRS temporarily suspended mailing automated reminders to pay overdue tax bills, beginning in February 2022. The agency leadership has stated that the suspension of automated reminders is a reason behind the decision to forgive the failure-to-pay penalties. 

Who is eligible for the IRS relief?

Taxpayers are eligible for automatic relief if they filed a Form 1040, 1041, 1120 series, or Form 990-T tax return for years 2020 or 2021, owe less than $100,000 per year in back taxes, and received an initial balance-due notice between February 5, 2022, and December 7, 2023. If taxpayers paid the failure-to-pay penalty, they will receive a refund. 

How can you avail the IRS relief?

The Commissioner of the IRS, Daniel Werfel, has reassured taxpayers that the change will be automatic for many taxpayers and will not require additional action. This amazing relief is intended to help those who have been most affected by the pandemic, and the IRS is doing everything in its power to support taxpayers during these difficult times.

So, if you qualify for this relief, you can rest assured that the IRS is on your side! This is a wonderful opportunity to get the financial support you need and get back on track. Let's all take advantage of this incredible opportunity!

Penalized by IRS?

If you're a taxpayer who has been penalized by the IRS, there is good news. Recently, the IRS announced that it will waive penalty fees for taxpayers who qualify for relief. If you need assistance navigating the complex tax laws and regulations, consider reaching out to the Law Offices of Mary E. King. With over two decades of experience, we can help you understand your options and create a plan that maximizes your assets while minimizing your tax burden.

Give us a ring at 941-906-7585 or fill out our contact form and let’s get started.

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.