| Taxpayers have just a few weeks left to claim their share of $1.2 billion in IRS fee refunds. Here's how to take advantage | | |  | WED, SEP 14, 2022 | | | | Attention taxpayers: The Internal Revenue Service will wipe out late fees for those who struggled to file their tax returns on time during the pandemic.
CNBC's Kate Dore reports that tax returns for 2019 and 2020, which were due to the IRS in 2020 and 2021, will be eligible to receive a refund for late-filing penalties.
However, the clock is ticking. To qualify for this relief, any eligible overdue tax returns must be filed on or before Sept. 30, to get the late fees forgiven.
Eligible tax returns include individual, corporate, estates and trusts, according to the IRS.
Overall, the IRS expects to be shelling out more than $1.2 billion in collective refunds or credits to nearly 1.6 million late filers.
"Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways," said IRS Commissioner Chuck Rettig.
Penalties for failing to file a tax return can be as much as 25% of the unpaid levies. The IRS will not forgive penalties for failing to pay or in situations where fraudulent returns were filed, the agency said.
The IRS is basically giving you a "mulligan," so what are you waiting for?
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