The Internal Revenue Service (IRS) is sending refunds to more than a million people who missed the tax filing deadline during the early days of the COVID-19 pandemic.
is sending refunds to more than 1.5 million people who missed the tax filing deadline during the early days of the COVID-19 pandemic.
In most cases, taxpayers who file their taxes late without an extension pay up to 25% of the amount of tax they owe in penalties,But the agency is waiving the penalties for taxes filed late for the years 2019 and 2020. About 1.6 million taxpayers who already paid a fine will receive an automatic refund, according to the IRS. They will receive refunds or credits averaging out to $750 a person. In total, that would be $1.2 billion.But there’s a deadline to qualify for the penalty refund. Individuals who have not yet filed returns for the years 2019 or 2020 must do so by Sept. 30.
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