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24 Αυγ 2022 · The penalty is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others listed in Notice 2022-36, posted today on IRS.gov.
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36 PDF, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties already.
People facing financial difficulties may find that there's a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. For example, if your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit.
The IRS offers several relief options under the Hardship Program, including: Currently Not Collectible (CNC) Status: This status allows taxpayers to temporarily stop making payments on their tax debts if they can demonstrate that paying the debt would cause undue financial hardship.
Were you eligible to receive an Economic Impact Payment in 2020, but never received it? You can find information about claiming the 2020 Recovery Rebate Credit with your tax return to get the relief payments you’re owed. Get more info on the Recovery Rebate Credit. Find updates from the IRS on Economic Impact Payments here.
28 Μαρ 2024 · If you are experiencing an economic hardship and are aware of a past due federal tax obligation there is something you can do before the IRS applies your refund, but you must act quickly. Once the refund is applied to an outstanding federal tax debt, relief via an OBR is not available.
16 Σεπ 2024 · To apply for hardship status, contact the revenue officer assigned to your case, or file Form 433-F with a written request to put your account on currently not collectible status.
