IRS News Release: End of September Deadline for Individuals, Business to File Returns for Penalty Relief (IRC §6651)

Individuals and businesses still struggling from the affects of the Covid-19 pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by Sept. 30, 2022, the IRS announced. As another benefit, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season, the IRS stated. The relief, announced in Notice 2022-36, applies to the failure-to-file penalty, which is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax, when ...