Lynn Paslowski CPA

Lynn Paslowski CPA

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IRS Forgives Penalties For Millions Of Taxpayers Who Filed Late—Here’s Who Qualifies

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IRS Forgives Penalties For Millions Of Taxpayers Who Filed Late—Here’s Who Qualifies

Joe Walsh

Forbes Staff

I cover breaking news for Forbes.

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Aug 24, 2022,04:06pm EDT

Listen to article3 minutes

  • The Internal Revenue Service said Wednesday it will waive and refund penalties for Americans who filed their 2019 or 2020 tax returns late, as the agency struggles with a massive Covid-imposed backlog that has frustrated taxpayers and politicians.
Americans File Their Returns On Tax Day 2019
The Internal Revenue Service building stands on April 15, 2019 in Washington, DC. GETTY IMAGES

KEY FACTS

The relief program will automatically wipe away two years’ worth of “failure to file” penalties, which usually require taxpayers who miss the IRS’s filing deadline to pay 5% of unpaid tax per month, maxing out at up to 25% of their total unpaid tax bills.

Almost 1.6 million taxpayers who have already forked over failure to file penalties for their 2019 or 2020 returns will automatically be refunded by the end of next month, adding up to more than $1.2 billion in total refunds, the agency said in a statement.

How am I qualified to support you or become part of your business team?

I began practicing in 2001 after having worked in local and regional public accounting firms in New Jersey, specializing in small business and individual taxation. After graduating summa cum laude from Georgian Court University in 1998 with a Bachelors degree in Accounting, I went on to earn an MBA from Georgian Court in 2003 and also became a Certified Public Accountant. 

I have earned many awards and accolades throughout my academic career, graduating at the top of my class, and am currently an active member of the American Institute of Certified Public Accountants as well as the New Jersey Society of Certified Public Accountants.

Please contact me for more information on how I can help you come up with new and creative ideas to minimize your taxes and help grow your business. I look forward to speaking with you soon and earning your trust.

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