Around 1.6 million taxpayers that paid a penalty for filing their 2019 and 2020 tax returns late will automatically get a refund from the IRS. Here's how the refunds work.
"The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time," IRS Commissioner Chuck Rettig said in an August statement announcing the refunds.
The IRS said issuing the refunds would also allow the agency to"focus its resources on processing backlogged tax returns and taxpayer correspondence" ahead of the 2023 filing season.Taxpayers who file late are typically charged a penalty of 5% of what they owe per month, up to a maximum of 25% of their unpaid tax bill.
There's no need to contact the agency to ask for your money back. The IRS says the refunds will be sent automatically.The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgersThe vast majority of refunds will be sent via check while a small percentage of taxpayers will receive their refunds through direct deposit,In order to qualify for a refund under the program, individuals and businesses have to have filed their late 2019 and 2020 tax returns on or before Sept.
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