IRS News
Have you found yourself in the same boat as many others in 2022, receiving an unforeseen tax bill from the IRS?
In 2022, did you receive an unexpected tax bill from the IRS? If so, you're not alone.
The IRS recently announced that nearly 5 million taxpayers will receive penalty relief for their 2020 and 2021 tax returns. Due to the COVID-19 pandemic, the IRS paused sending certain notices for over a year. Now, as processes resume, many taxpayers have been left with an unresolved tax bill and questions about next steps.
The good news is that the IRS is providing $1 billion in failure-to-pay penalty relief for eligible taxpayers. This could mean up to $2,600 in savings per return. The IRS is also sending special reminder letters to help taxpayers understand their options for resolving balances due.
For most taxpayers, this relief will be automatic. However, some may still need to take action. To find out if you qualify and what you need to do, read the full details in the IRS announcement:
The IRS aims to help taxpayers meet their obligations while avoiding further interest charges and penalties. Don't delay: check if you're eligible for penalty relief and make arrangements to resolve any unpaid balances today. The temporary relief and reminder letters are a chance to get back on track before normal collection processes resume.
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