IRS PROVIDES PENALTY RELIEF FOR LATE FILERS

The IRS announced it would provide penalty relief to most individual and business taxpayers who filed their tax returns late in 2019 or 2020 due to the COVID pandemic. NCACPA, along with the AICPA and other state societies, had repeatedly pressed the IRS and Congress to provide penalty relief for these taxpayers. The IRS also announced automatic refunds of $1.2 billion in penalties to nearly 1.6 million taxpayers who already paid late fees.  

August 2022