Here’s the Scoop:
If you had a balance due during 2020 or 2021, the IRS announced in December 2023 that they would be automatically waiving any “failure to pay” penalties on assessed taxes that were less than $100,000. Those who filed the following ways are automatically eligible:
If you made payments on your account or your balance is paid in full, you are automatically eligible for this “failure to pay” penalty relief on assessed taxes of less than $100,000 per year.
How Do I Get the Credit?
According to the IRS, a credit will automatically be applied to any other tax year with a balance due. If no balance is due, a refund (by mail) will be issued.
Please note - if your address has changed, you will need to update your account to make sure you receive your refund and/or any notices from the IRS. You may do so by clicking here. The IRS asks that you allow 4-6 weeks for processing. In the meantime, the IRS suggests notifying the post office that services your old address.
I’m Not Eligible, What Can I Do?
If you have assessed taxes of more than $100,000, you can apply for penalty relief under the reasonable cause criteria or the First-Time Abate program. Go here to view the various types of relief you may qualify for. Remember, all hope is not lost!
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