IRS has announced significant penalty reductions for tax returns
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created by Team Khichdiworld
IRS has announced significant penalty reductions for tax returns due in 2019 and 2020.
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According to Notice 2022-36, the IRS is continuing its efforts with this most recent automatic initiative for penalty relief.
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to provide assistance to taxpayers suffering hardships as a result of the COVID-19 pandemic
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IRS expects to refund more than $1.2 billion to approximately 1.6 million taxpayers by the end of September.
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IRS will provide failure-to-file penalty relief for 2019 and 2020 tax returns in both the Form 1040 (personal income tax return) and Form 1120 (corporate tax return) series
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It also applies to other types of income tax returns, including Form 1065 (partnership return) and Form 1120-S (subchapter S corporation return).
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The standard assessment rate for the failure-to-file penalty is 5% per month, up to a maximum of 25% of the unpaid tax.