Were you fined for filing your tax returns late in 2019 or 2020? You may be getting a refund.
The penalty relief is automatic, so taxpayers won’t have to apply for it, and many of the payments will be completed by the end of September | Elaine Thompson/AP PhotoThe IRS will refund $1.2 billion in penalties to 1.6 million individual and business taxpayers who were fined for not filing tax or information returns on time for 2019 and 2020, as the pandemic disrupted the economy and led to a pileup of unprocessed returns at the agency.
Refunds won’t be available to taxpayers who have already accepted a compromise offer or closing agreement with the IRS, where penalties were determined by a court or for fraudulent returns. Fines for failing to pay taxes won’t be automatically refunded either.
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