Some Maine & New Hampshire Residents Getting Money Back From IRS
It looks like millions of Americans, nationwide, could have money coming to them from the IRS. Yes, this affects any American taxpayer, no matter where in the country they live.
If you are old enough to have had to deal with the Internal Revenue Service in a variety of situations (more than just one normal job), you know that they really don't cut people much slack.
If paperwork is not filed (or e-filed) on time, and correctly, they tend to penalize you. In the early 2000s, I moved from Bangor to Burlington. I never filed the tax paperwork from my job in Bangor and ended up with a $1,000 penalty. Crazy, considering I never even made that much in the job that I never filed paperwork for... Oh well. You live and you learn, right?
Well, it looks like we are going to see a slightly softer side of the IRS.
According to WABI, the IRS is going to refund penalties charged for people who filed their taxes late during the height of the pandemic. People will be eligible if they filed their 2019 or 2020 tax returns late.
According to the article, the IRS says the relief applies to the failure to file penalty. The report indicates that a failure to file penalty is assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed after Tax Day
So, how many people are affected by this? The government agency says that 1.6 million taxpayers were late in filing during the pandemic. The total amount of those penalties is north of one billion dollars.
Get more details HERE