The IRS is reminding taxpayers in certain declared disaster areas that extended COVID-19 penalty relief is still available for 2019 and 2020 tax returns (but not 2021). The disaster areas with a deadline of Feb. 15, 2023: Florida, Puerto Rico, North Carolina, South Carolina, certain Alaska jurisdictions and Hinds County, Mississippi. The relief applies to failure-to-file penalties assessed at rates of 5% monthly, up to 25% of outstanding tax for late-filed federal income tax returns. It applies to certain forms, such as the Form 1040 and 1120 series, but not to the failure-to-pay penalty, which compounds daily from 6% interest up to 25%. To learn more: https://bit.ly/3GsJEf9
Our Blog 