You’ll be happy to know:
The IRS waives $1.2 Billion in Late-Filing Penalties
Big relief for struggling people and business who filed late their tax returns
(For tax years 2019 and 2020)
Those of you who already paid the penalties will get refunded.
Or get credits.
The IRS Commissioner, says the penalty relief is automatic if you qualify.
No need to call.
Eligible tax returns need to be filed on/before September 30, 2022.
MORE GOOD NEWS
The IRS made a promise to increase the pace on its processing of paper tax returns.
Mid August backlog of unprocessed tax returns: close to 9 million.
But the agency’s pace is steadily increasing.
The goal is to get to a manageable level by the end of this year.
Let’s hope so.
Thanks for visiting.