I am just now reading the IRS Notice 2022-36 and wanted to share the news to help spread it around. I guess it was initially released last night (August 23, 2022) and then pulled off their website. It was then re-released to their website today, August 24, 2022.
The notice proves relief for certain taxpayers from certain failure to file penalties and certain international informational return penalties with respect to tax returns for taxable years 2019 and 2020 that are filed on or before September 30, 2022. Apparently, the relevant penalties will be waived, or to the extent previously assessed, they will be abated, refunded or credited to the taxpayers account.
The tax professional community has been requesting this type of relief for the last two years, and in the last paragraph of Section 2, the IRS finally acknowledges that they are so far behind, granting this broad relief is the only chance they have of getting caught up and returning to normal operations.
You can download the actual IRS notice here and read it for yourself. https://www.irs.gov/pub/irs-drop/n-22-36.pdf
The IRS has also released a bulletin covering this notice and you can read this bulletin here: https://content.govdelivery.com/accounts/USIRS/bulletins/32972a1?reqfrom=share
What are tax pros saying?
Here is a sample of some of the conversations on Twitter from #TaxTwitter
#taxtwitter IRS just re-released Notice 2022-36 (h/t @canediver)
— Albert J. Campo, CPA, MBA (@ajthecpa1226) August 24, 2022
The IRS is granting broad relief for failure to file penalties for 2019 & 2020 returns filed before 9/30/22. Some of the forms that the abatements apply to:
1) Form 1040
2) Form 1041
3) Form 1120
4) Form 1120S
#TaxTwitter THERE IS HUGE NEWS FROM THE IRS!!!
— Isabel Goldberg Hurtig (@canediver) August 24, 2022
Notice 2022-36 is providing very broad relief from penalties related to 2019 and 2020, including many international forms (5471, 5472, 3520, etc.). It says abatement will be automatic, and will apply to returns filed by 9/30/22
🚨NOTICE 2022-36🚨
— Jonathan Curry (@jtcurry005) August 24, 2022
Listen up, #TaxTwitter: IRS just officially posted this new notice, and it's…quite significant.
Lots of penalty relief for tax years 2019 and 2020. And here's why: pic.twitter.com/UTvFqeDdI0
More from @IRSnews on Notice 2022-36 and penalty relief for certain 2019 & 2020 returns. These returns must be filed by 9/30/2022. #TaxTwitter pic.twitter.com/k8UXu0mf6q
— Glen Birnbaum (@GlenBirnbaum) August 24, 2022
The IRS has now published their penalty relief for 2019 and 2020 returns on their website. Notice 2022-36. https://t.co/269WWEHUbf
— Ed Zollars, CPA (@edzollars) August 24, 2022