IRS Announces Penalty Relief for Nearly 5 Million Tax Returns
The IRS has announced new penalty relief totaling around $1 billion to approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is aimed at those who did not receive automated collection reminder notices during the pandemic, which were temporarily suspended in February 2022 due to the COVID-19 crisis. The latest blog entry covers the news and its importance to tax preparers.…
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