NEWS / IRS Offers Tax Penalty Amnesty to Millions Impacted by Pandemic Delays

The IRS announced they will be waiving late fees due to the issues caused by the pandemic. This affects five million people who either didn't file taxes or filed late in 2020 or 2021.

Now the IRS says it plans to waive the late fee because of delays at the federal level due to Covid shutdowns. It adds up to essentially a debt of roughly $1 billion that is owed to the IRS will all be wiped away.

During the beginning stages of Covid, federal agencies shut down just before tax season. Two years later, the government stepped in, signing the Inflation Reduction Act, part of which directed money to the IRS to aid in its recovery from the pandemic.

And here we are in 2024 and the IRS is still playing catch-up. As a result, they are taking one for the team when it comes to late fees.

This affects people who had to file late and incurred a penalty because of that.

For the rest of us, financial advisors say now is the time to set an appointment with a preparer and make sure your paperwork is set aside for easy access.

The tax experts say the best time to get with a professional and file taxes is typically between February and March. That's considered the sweet spot where you can beat the rush of early and last-minute filers. It also ensures that you have all the right forms to file your return.

Whether you need help filing your taxes or would like to take advantage of benefits guaranteed by bilateral tax treaties, A&M Logos International is here to help you! Call us today at (212) 233-7061 or e-mail us at info@apostille.us. You can also apply on our website.