IRS to refund late fees for some small-business owners and individuals - Phoenix Business Journal

To be eligible, the income tax form must be filed before Sept. 30, 2022. The relief doesn’t apply to any failure-to-pay penalties.

"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."The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time. This penalty relief will be automatic for people or businesses who qualify. There's no need to call.

"Penalty relief is a complex issue for the IRS to administer," Rettig said."We've been working on this initiative for months following concerns we've heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines."

The late-filing relief is an attempt by the IRS to help reduce the backlog by allowing existing staff to focus on processing those applications and focus on 2023 applications rather than dealing with late fees, the agency said in its press release.And small businesses that are struggling still have a potentially lucrative Covid-19 relief Initially, the ERC was a quarterly, refundable tax credit based on wages for business owners to retain staff during the Covid-19 pandemic.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

What shifting migration patterns mean for small businesses - Jacksonville Business JournalThe Covid-19 pandemic accelerated and shook up several migration patterns, sending millions of dollars and thousands of people to new places. Experts say the small businesses that can capitalize on the trend will put themselves in prime position for the post-pandemic world, but it won't be easy.
Источник: JaxBizJournal - 🏆 599. / 51 Прочитайте больше »

Labor union toolkit for small businesses unveiled by SBA, DOL, NLRB and others - Dallas Business JournalUnion efforts are on the rise across the nation, and new federal resources aim to help small businesses navigate the process. Here's what businesses need to know.
Источник: DallasBizNews - 🏆 525. / 51 Прочитайте больше »

California-based Panattoni Development plans new Phoenix office, hires local leader - Phoenix Business JournalA longtime commercial executive in the Phoenix region was recently hired to lead this company's new Valley office and oversee its plans for future industrial development.
Источник: phxbizjournal - 🏆 254. / 63 Прочитайте больше »