IRS Makes $1.2 Billion Forgiveness Ruling

IRS Makes $1.2 Billion Forgiveness Ruling

IRS Makes WHOPPING $1.2 Billion “Forgiveness” Ruling

( – The Internal Revenue Service has announced that it plans to waive over a billion dollars in late filing penalties. An estimated 1.6 million taxpayers will gain from the move, which could be worth hundreds of dollars to the average recipient.

On August 24, the IRS unveiled a plan to waive penalties against taxpayers who didn’t file their 2019 and 2020 tax returns on time. They will also issue around $1.2 billion in refunds to people who have already paid the penalties. The refunds will be automatic; anyone who qualifies for one won’t have to take any action, and the money — an average of $750 per taxpayer — will be paid out by the end of September.

IRS Commissioner Chuck Rettig, who was appointed by the Trump administration, says the agency has been working hard to “support the nation and provide relief to people in many different ways.” The filing deadlines for 2019 and 2020 were extended by three months, from April to July, to help businesses affected by the COVID pandemic. Taxpayers were also given more time to file.

While the IRS did give taxpayers some wiggle room while COVID was raging, the waiver and refunds will be welcomed by struggling American families. However, many people are now worried that a crackdown is coming.

The Biden administration recently authorized the hiring of 87,000 new IRS agents, more than doubling the agency’s manpower and allowing for a huge increase in the number of audits. This silver lining refund is inside a pretty big, black cloud.

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