🌟 Good News Alert: IRS TO THE RESCUE, GET OUT OF THE PENALTY BOX
IRS to the Rescue! 🌟 Taxpayers, brace yourselves for a major stress reliever this tax season! 📆 The IRS is granting penalty relief on nearly 5 million 2020 and 2021 tax returns with unpaid balances. This fantastic initiative means approximately $1 billion in relief. Now, there is specific criteria that you have to be aware of:
- Filed a Form 1040 or 1041 tax return for years 2020 and/or 2021.
- Were assessed taxes of less than $100,000.
- Received an initial balance due notice, typically the CP14, between Feb. 5, 2022, and Dec. 7, 2023.
There’s more, if you owe the IRS, have a balance due, it will be applied as a credit, otherwise you’ll receive a refuend.
A credit will be applied automatically to any other tax year with a balance due, otherwise you’ll receive a refund. Did you move? If your address has changed, notify the IRS so you’ll receive any refunds or notices.
Why is this such a game-changer?
Well, during the pandemic, about 4.7 million folks missed out on automated collection reminder notices. Now, the IRS is stepping up to the plate to help, even issuing special reminder letters starting next month! 📬🤩
And here’s the scoop: the IRS will resume collection letters in 2024, so be on the lookout for your official reset. The good news continues: this penalty relief is automatic! Eligible taxpayers don’t need to take any action to get it. Even those who already paid their full balance will benefit; if you paid failure-to-pay penalties related to your 2020 and 2021 tax years, the IRS will issue a refund or credit the payment toward another outstanding tax liability.
Taxpayers not eligible for automatic relief also have options. They can explore existing penalty relief procedures, like applying for relief under the reasonable cause criteria or the First-Time Abate program. Check out IRS.gov/penaltyrelief for all the details.
So, what’s the takeaway?
Don’t just walk; run to this opportunity! The IRS is on your side, making tax season a little brighter and a whole lot lighter. ☀️💸 For more information, visit IRS.gov.
#TaxRelief #IRSNews #StressFreeTaxSeason #LookoutForYourReset