Do you owe the IRS money for TY 2020 or 2021? Well, start getting ready to pay those bills- but the penalties and interest for those failures may not come due.
It seems that the IRS was less than diligent in mailing notices to folks who failed to pay for their taxes for those years. So, they have determined that there should be no penalties or interest for that failure.
The IRS blames their failure to notify taxpayers of their obligations on the pandemic. (Do you remember the millions of unprocessed returns?) And, the IRS wants taxpayers to now this is one-time “get out of jail” free card- they have no intention of extending or repeating this waiver. (They are hoping you see that the IRS has a heart 🙂 )
Here are the details for those who qualify…
One was required to have filed Form 1040, 1041, 1120 (any of the versions), or even 990T (non-profit filing}. And, then the tax bill must not exceed $ 100K- and the taxpayer received a notice of balance due between 4 February 2022 and 7 December 2023,. The number of filers affected is on the other of 5 million; most with revenues or taxable income of $ 400 K.)
(By the way if you already paid the penalty, it will be refunded to you!)
Merry Christmas to you from the IRS.
