In some rare positive news coming out of the IRS, well the agency has just announced

that they are waiving the failure to pay penalty meaning the late fees for

approximately 5 million American taxpayers.

Specifically, in a recent statement that the IRS put out on the website,

you can see it up on the screen right now,

the agency said that about 4.7 million individuals

will have their penalties wiped clean.

And in terms of who is eligible for this relief, quote,

the taxpayer is eligible for the relief are those who did not receive

automated reminders from the IRS to pay overdue tax bills when the agency

temporarily suspended the mailing of such notices in February of

2022 due to the COVID-19 pandemic. Taxpayers who are eligible for the

automatic relief include individuals, businesses, trusts, estates, and tax-exempt organizations that filed certain tax forms,

including 1040, 1041, and 990T income tax returns.

The relief covers tax years 2020 or 2021, but only applies to those with an assessed

tax of less than $100,000 and covers taxpayers who were issued an initial balance

do notice between February 5th of 2022 and December 7th of

2023 meaning in plain English that if you were one of the 5 million taxpayers

who owed back taxes for the years 2020 and or 2021.

If your total tax liability is below $100,000,

and if you received an initial notice from the IRS

informing you of the fact that you owe taxes,

...