Recently, the Internal Revenue Service (IRS) announced that it will forgive taxpayers fines for late payment of their taxes who have not paid during a certain period. According to the United States entity, at that time they could not be given the necessary reminders to pay their taxes. For that reason, until April certain cases will be able to access this benefit.
The novelty of the IRS corresponds to the effects of an extraordinary situation caused by the early stages of the COVID pandemic, where all services were affected. As reported The Sun, Fines for non-payment will be forgiven for those who have arrears on their 2020 and 2021 taxes. The measure could benefit some 5,000,000 taxpayers, including individuals, companies and organizations.
The requirements for the IRS to forgive tax debt
In addition to the fact that late payments must correspond to the mentioned period, Those who can access this are those who have debts of less than US$100,000 and who earn less than US$400,000 annually. during the period in which they did not make the payment. On the other hand, those who paid a fine for a late payment in one of these years will receive a refund for that amount.
The measure came into force this week and will be active until April 2024, when the penalties will be collected normally again. Those who meet the requirements must file or have filed in the past some of these forms: 1040, 1041, 1120 series, or 990-T.
The IRS detailed that, during 2020 and 2021, the exceptional situation caused the notification systems to not function correctly. For that reason, many debtors may have received only an initial notice, but were not later notified of their late payment of taxes. For this reason, this grace period on fines was opened.
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