IRS to Waive Nearly $1 Billion in Late-Payment Tax Penalties

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 22 December 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

People with outstanding tax bills going back to 2020 won’t have to pay penalties under a plan announced by the IRS. WSJ reporter Ashlea Ebeling joins host J.R. Whalen to discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Oracle. AI may be important, but it needs a lot of processing speed, and that gets expensive fast.
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0:28.5	slash enhance.
0:29.4	Here's your money briefing for Friday, December 22nd. I'm J. R. Whelan for the Wall Street Journal.
0:38.0	Good news for people who have a lingering tax bill going back to 2020. The IRS is going to waive nearly $1 billion in late payment penalties.
0:50.0	It was a response to the pandemic. Taxpayers were obviously struggling, but it was also the IRS was struggling. Huge backlogs of paper tax returns and correspondence and telephone jams. They couldn't really then send out these
1:05.1	notices and then they wouldn't have the manpower to respond to more paper.
1:08.2	We'll go through the numbers with W.S.J. Personal Finance reporter Ashley Eblin, after the break. This Winter, memberships will never be the same again.
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1:47.0	The IRS is offering millions of tax delinquent Americans relief for non-payment
1:55.8	penalties. Wall Street Journal Personal Finance reporter Ashley Eblin joins me.
2:00.0	So Ashley who's affected by this?
2:02.3	What's for taxpayers who didn't get collection notices from the IRS during the pandemic for tax years 20-20 and
2:11.0	2021. Any taxpayer who owed under $100,000 in taxes for those years and they still
2:18.9	owe taxes, they're going to automatically get late payment penalties waived.
2:23.4	It's a big deal.
2:24.4	It's roughly 4.6 million individual taxpayers who owe for tax years 20,
	...

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