How to tell if you may qualify for ‘significant’ IRS refunds from COVID-era |
How to tell if you may qualify for ‘significant’ IRS refunds from COVID-era
(NEXSTAR) – Tens of millions of Americans may qualify for IRS refunds or abatements related to the COVID federal disaster period, but the process of getting those “significant” benefits may be complicated. New guidance may make it easier for you.
Last week, National Taxpayer Advocate Erin M. Collins warned of the “major refund opportunity” spurred by recent court decisions. Collins serves with the Taxpayer Advocate Service, an independent organization within the IRS.
The court’s logic in one case shows the IRS “should not have assessed penalties for late filing or payment” during the three-and-a-half-year-long COVID federal disaster declaration from January 2020 to May 2023. (Sixty additional days were added to the end date for tax purposes, pushing the period to July 10, 2023.)
An appeal from the Department of Justice is likely, Collins warned, but she encouraged qualifying taxpayers to take action before a deadline that is just over two months away.
According to the TAS, you may qualify if the IRS assessed: penalties for failing to timely file your returns, pay your taxes, or make estimated tax payments; interest that began accruing earlier than........