IRS to refund 1.6 million people who missed tax filing deadlines during the pandemic [View all]
The Internal Revenue Service is sending refunds to more than a million Americans who filed their taxes late in the early days of the COVID-19 pandemic.
Typically, taxpayers who file returns late without an extension can expect to pay penalties of up to 25% of the amount of tax they owe. For 2019 and 2020, however, the agency is suspending penalties for people who filed late. Taxpayers who already paid a fine will automatically receive refunds, the IRS said on Wednesday.
More than 1.6 million taxpayers are set to receive refunds or credits totaling $1.2 billion — an average of $750 per person, although some may get more and some less. To qualify for late-penalty forgiveness, individual tax returns must be filed by September 30, 2022.
https://www.cbsnews.com/news/irs-refund-1-6-million-people-for-taxes-late-filing-penalty-pandemic/
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