IRS relieves penalties for personal and business 2019 and 2020 tax returns

Yesterday, the IRS announced a penalty relief program for personal and business tax returns related to 2019 and 2020 tax years.

To qualify for the relief, the tax returns must be filed by September 30, 2022.

We note that there is a first time abatement option granted by the IRS and this additional penalty relief program has been requested by the AICPA and other groups due to the pandemic.

Journal of Accountancy article – IRS relieves penalties for 2019 and 2020

Forbes article – IRS Forgives Penalties For Millions Of Taxpayers Who Filed Late—Here’s Who Qualifies