IRS to Shell Out $1.2 Billion to Taxpayers in Forgiven Penalty Fees, Here’s Who Qualifies
The Internal Revenue Service (IRS) is sending $1.2 Billion in refund or credits to more than a million Americans who filed their taxes late in the first months of the pandemic, according to an announcement on Sept. 12.
Americans who missed the deadline for their 2019 or 2020 tax returns, and who have already paid a fine, may receive an automatic refund for late-filing penalties by the end of September.
The IRS is suspending and forgiving penalties for the 1.6 million late filers from that period who apply, as long as their returns are filed by Sept. 30, 2022, according to the IRS.
The amount of credits in the $1.2 billion refund average up to $750 per person, although some households may get more or less….