IRS to refund late fees for some small-business owners and individuals
To be eligible, the income tax form must be filed before Sept. 30, 2022. The relief doesn’t apply to any failure-to-pay penalties.
"Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways," said IRS Commissioner Chuck Rettig."The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time. This penalty relief will be automatic for people or businesses who qualify. There's no need to call.
"Penalty relief is a complex issue for the IRS to administer," Rettig said."We've been working on this initiative for months following concerns we've heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines."
The late-filing relief is an attempt by the IRS to help reduce the backlog by allowing existing staff to focus on processing those applications and focus on 2023 applications rather than dealing with late fees, the agency said in its press release.And small businesses that are struggling still have a potentially lucrative Covid-19 relief Initially, the ERC was a quarterly, refundable tax credit based on wages for business owners to retain staff during the Covid-19 pandemic.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
You may get an IRS refund if you filed your taxes late during the pandemicThe IRS is refunding penalties it charged taxpayers for filing their 2019 and 2020 tax returns late, as a form of COVID-19 relief. The refunds don't apply to penalties for failing to pay your taxes.
Leer más »
IRS refunding $1.2B in late-filing penalties, here's how to collect the moneyThe IRS is paying out $1.2 billion in late-filing refunds and credits to more than 1 million taxpayers, but there are just a few weeks left to collect the money.
Leer más »
What is IRS Form 1040, and do I need to file one?While most working Americans need to file 1040 annually, that's not true for everyone. Do you need to file one? And if so, what will you need to do so? Here's what you'll want to know:
Leer más »
IRS to refund 1.6 million people who missed tax filing deadlines during the pandemicTax agency will forgo some late fees for people who were affected by health crisis, with average refund of $750.
Leer más »
IRS to refund late fees for some small-business owners and individuals - Silicon Valley Business JournalThe IRS said it will refund late fees to some small-business owners if they meet certain conditions. Here's what businesses need to know.
Leer más »
IRS to refund late fees for some small-business owners and individuals - Phoenix Business JournalThe IRS said it will refund late fees to some small-business owners if they meet certain conditions. Here's what businesses need to know.
Leer más »