IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021

[searcher]

IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021​

WASHINGTON (AP) — The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.

Nearly 5 million people, businesses and tax-exempt organizations — most making under $400,000 per year — will be eligible for the relief starting this week, which totals about $1 billion, the agency said.

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[Goldhedge]

Penalties... but pay your taxes nonetheless....