On Aug. 24, 2022, the IRS announced it will provide automatic relief for some taxpayers from penalties for failure to file certain tax returns due for taxable years 2019 and 2020. The IRS stated that it is offering the penalty relief to “help struggling taxpayers affected by the COVID-19 pandemic” and to help the IRS make up ground on backlogged returns and correspondence so it may “return to normal operations for the 2023 filing season.”...
By: McGuireWoods LLP
By: McGuireWoods LLP