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To help struggling taxpayers affected by the COVID-19 pandemic, the IRS announced Notice 2022-36 stating relief for certain taxpayers filing 2019 and 2020 returns.
Here’s what you need to know:
- The penalty is typically assessed at a rate of 5% per month and up to 25% of unpaid tax when a federal tax return is filed late.
- Taxpayers will get automatic relief from failure-to-file penalties. For those who have paid these penalties they will automatically receive a refund or credits and if penalties have been assessed they will be abated.
- To qualify for the relief, any eligible returns must be filed on or before September 30, 2022.
- Tax returns eligible for the relief include specified returns in the Form 1040, 1041, 1120 series, Form 990-PF and Form 1065.
- The IRS also announced the relief applies to various informational returns such as the Form 1099 series and various international information returns
For additional information see IRS Notice 2022-36 or call our office at 210-340-8351 for assistance with your questions.