Tax Alert: IRS To waive penalties for some taxpayers

Please read the link below to see if you qualify for a removal of penalties from the IRS.

In short: The penalty relief only applies to eligible taxpayers with assessed tax under $100,000. Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that filed certain Forms 1040, 1120, 1041 and 990-T income tax returns for tax years 2020 or 2021, with an assessed tax of less than $100,000, and that were in the IRS collection notice process -- or were issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023. The failure-to-pay penalty will resume on April 1, 2024, for taxpayers eligible for relief. Link to IRS press release

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