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News For Your Week Ahead: September 9, 2022
MSATP Comments on AICPA Letter to IRS  MSATP supports the AICPA's letter asking the IRS to push back the Sept 30 filing deadline for taxpayers to receive penalty relief under of IRS Notice 2022-36. The notice was issued August 24 and provides automatic relief from failure to file penalties for certain 2019 and 2020 returns filed by September 30, 2022. In the letter, the AICPA states: "We are pleased that IRS has provided some measure of COVID-19 related penalty relief for taxpayers. We applaud the unprecedented waiver of the failure to file penalty under section 6651(a)(1).1 And we praise the IRS for waiving the various...
News For Your Week Ahead: August 26, 2022
COVID Tax Relief: IRS Provides Broad-Based Penalty Relief For Certain 2019 and 2020 Returns Due to the Pandemic | IR-2022-155 To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September. Besides providing relief to both individuals and...