The IRS is paying out $1.2 billion in late-filing refunds and credits to more than 1 million taxpayers, but there are just a few weeks left to collect the money.
Rep. Darrell Issa, R-Ca., joined 'Kennedy' to discuss Democratic Sen. Joe Manchin saying the Inflation Reduction Act will not raise taxes on Americans earning less than $400,000.is sending refunds to more than a million Americans who filed their taxes late in the early days of the COVID-19 pandemic – but time is running out for taxpayers to collect the money.
Nearly 1.6 million filers will automatically receive refunds or credits worth a collective $1.2 billion – an average of $750 per person. There are just a few weeks left to qualify for the relief. In order to receive the money, Americans need to file theirTypically, the IRS charges individuals who file returns late without an extension a failure-to-file penalty – an extra 5% per month on the unpaid amount, which can add up to 25% of the tax due. But the tax-collecting agency is waiving that fee for many individuals and businesses who filed returns for 2019 and 2020 late.
Eligible tax returns include individual, corporate, estates and trusts, the IRS said. People who have been fined but who have not yet paid the penalty will see it eliminated, while individuals who already paid the late-file fee will get a refund or credit.The announcement comes as the IRS continues to wade its way through a backlog of unprocessed tax returns. As of Aug. 12, the IRS still had 9.3 million unprocessed individual tax returns from 2022, including about 7.6 million paper returns.
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