IRS Issues Tax Filing Announcement

in some rare positive news coming out of the IRS well the agency has just announced that they are waving the failure to pay penalty meaning the late fees for approximately 5 million American taxpayers specifically in a recent statement that the IRS put out on the website you can see it up on the screen right now the agency said that about 4.7 million individuals will have their penalties wiped clean and in terms of who is eligible for this relief quote the taxpayers eligible for the relief are those who did not receive automated reminders from the IRS to pay overdue tax bills when the agency temporarily suspended the mailing of such notices in February of 2022 due to the covid-19 pandemic taxpayers who are eligible for the automatic relief include individuals businesses trusts Estates and tax exempt organizations that filed certain tax forms including 1040 1120 1041 and 990t income tax returns the relief covers tax years 2020 or 2021 but only applies to those with an assessed tax of less than $100,000 and covers taxpayer who were issued an initial balance due notice between February 5th of 2022 and December 7th of 2023 meaning in plain English that if you were one of the 5 million taxpayers who owed back taxes for the years 2020 and or 2021 if your total tax liability is below $100,000 and if you received an initial notice from the IRS informing you of the fact that you owe taxes but then you never received any follow-up notices well then you qualify for this relief and essentially the way it typically is supposed to work is that when you owe back taxes to the IRS they send you an initial notice informing you of the fact that you owe them money and then subsequently there's a penalty for not paying that keeps acre every single month the penalty is actually pretty steep every single month it's around 5% of your total balance so the longer you don't pay the longer your total debt becomes and the IRS would as a normal course of operations send people automatic notices informing them of the fact that they owe these back taxes and that by not paying the back taxes they are being hit with a penalty month after month typically the way it would work in a normal situation is that an individual would receive a cp14 notice which is Then followed up by three or four reminder letters that are sent out about every five weeks however as that statement from the IRS mentioned in February of 2022 the agency suddenly stopped sending those follow-up notices quote normally these reminders would have been sent as a follow-up after an initial notice but the IRS didn't send them out because it was swamped by a backlog of millions of original and amended tax returns filed at the height of the pandemic that the agency was unable to process the IRS did however send out initial balance due notices and so penalties for failing to pay taxes owed continue to acrw citing this unusual situation the IRS said it's waving the failure to pay penalties for certain affected taxpayers meaning again in just plain English that if you happen to be one of the 5 million American taxpayers who owe back taxes for those two years and you stopped receiving follow-up notices from the IRS in the year 2022 well all the penalties that have been acre on your account will now be wiped clean and the total dollar amount that this represents is rather significant quote the IRS estimates that 5 million tax returns filed by 4.7 million individuals businesses trusts Estates and tax exempt organizations are eligible for the penalty relief this represents $1 billion in savings to taxpayers or about $26 per return it's quite something when our government overlords who already tax us through sales tax income tax property tax capital gains tax Social Security tax Medicare tax Highway tolls and about 20 other different methods they make a special announcement about not taking $26 from your account thank you very much regardless if you happen to fall into this category of someone who's actually eligible for this relief according to the statement from the IRS you actually don't need to do anything to have these penalties waved as it should be done automatically within the next few days quote the tax relief is automatic but applies only to eligible taxpayers who owe less than $100,000 in back taxes meaning again that if your tax liability is over $100,000 this actually does not apply to you now in terms of the timetable here these penalties have now been waved but they will start acre again once the IRS restarts sending out these automated notices quote the failure to pay penalty will resume on April 1st of 2024 for those taxpayers who are eligible for the relief meaning that these late fees will start racking up again in April although the actual late notices will start getting sent out later this month meaning in January quote to help the taxpayers as the normal processes resume the IRS will be issuing a special reminder letter to them starting this month and so there you have it the late fees for the years 2020 and 2021 have been wiped clean but they will begin AC crewing again come April if You' like to read this full notice from the IRS for yourself I'll throw a link to it down into the description box below and then also I'd love to know your thoughts do you appreciate the IRS for doing this or perhaps and or do you still think that any and all taxation is still just legalized theft regardless of whether they get rid of the late fuse I'd love to know your thoughts please leave them in in the comment section below I'll be reading through them later tonight as well as well into the week and that let me quickly introduce today's sponsor by showing you this little piece of money or rather I should say that this is fake money being printed into Oblivion by those Geniuses over in Washington DC and so before they completely obliterate your life savings what I recommend you do is to convert that fake money into real money which is physical gold 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