Nearly 1.6 million taxpayers will receive a "very welcome" $1.2 billion refund from the IRS for late filing fees.

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A BIG ANNOUNCEMENT  FOR TAX PAYERS FROM IRS ON WEDNESDAY

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Many Americans who filed their tax returns late due to the pandemic will not be penalised, the IRS announced on Wednesday.

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more than 1.6 million filers will automatically receive penalty refunds 

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or credits totaling more than $1.2 billion, with many payments anticipated by the end of September. 

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The relief applies to many individuals and businesses that filed tax returns for 2019 and 2020 late, the IRS said.  

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The waiver applies to the agency’s late filing penalty of 5% of your unpaid balance per month, 

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capped at 25%. Late payment penalties of 0.5% per month may still apply.  

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Eligible tax returns include individual, corporate, estates and trusts and more, according to an IRS notice.  

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However, you must file the tax returns by Sept. 30 to qualify, the IRS said. 

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