The IRS recently provided relief from the failure-to-file penalty for taxpayers who missed the filing deadlines for certain 2019 and/or 2020 tax and information returns. The penalty is typically assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed late. To qualify for the relief, an income tax return must be filed on or before Sept. 30, 2022. In a letter, the American Institute of Certified Public Accountants (AICPA) has asked the IRS to extend the deadline to Dec. 31, 2022. The AICPA said the September deadline imposes an “insurmountable burden” on taxpayers and tax professionals. Read the AICPA letter: https://bit.ly/3BguMNP
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