Since the start of Covid-19, there have been several relief and forgiveness programs to help organizations and individuals that have experienced difficulties during the height of the pandemic. One of the relief programs is focused on forgiving penalties for individuals and organizations that did not file their tax returns on time. On August 24, 2022, the IRS extended the penalty relief for many who filed late tax returns. Individuals and organizations that file their 2019 or 2020 returns by September 30, 2022 will not have failure to file penalties assessed on their taxes.
Not all individuals and organizations are eligible for the relief. Eligible returns include Forms 1040, 1041, 1120, 1120-S, 1065, 990-PF, and 5471.
Failure to file penalties will be automatically forgiven, and payments already made will be refunded by the IRS.
If you have not filed your 2019 or 2020 tax return please contact us for assistance.