Individuals and businesses affected by the COVID-19 pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by Sept. 30, 2022. This penalty relief is automatic. Eligible taxpayers who already filed their tax returns don’t need to apply for it and those filing now don’t need to attach any statement or document to their returns. The relief, announced in Notice 2022-36, only applies to the failure-to-file penalty. This penalty is usually assessed at a rate of 5% per month, up to 25% of the unpaid tax, when a federal income tax return is filed late. For more details: https://bit.ly/3SmF9ps
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