Jan. 4, 2024 - Epoch Times
07:29
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| In some rare positive news coming out of the IRS, well, the agency has just announced that they are waiving 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, 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 taxpayers 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 accruing 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. | |
| 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 continued to accrue. | |
| Citing this unusual situation, the IRS said it's waiving 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 stop receiving follow-up notices from the IRS in the year 2022, well, all the penalties that have been accruing 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 $206 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 $206 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 this statement from the IRS, you actually don't need to do anything to have these penalties waived, as it should be done automatically within the next few days. | |
| Quote, 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 waived, but they will start accruing again once the IRS restarts sending out these automated notices. | |
| 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. | |
| 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 accruing again come April. | |
| If you'd 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 fees? | |
| I'd love to know your thoughts. | |
| Please leave them in the comments section below. | |
| I'll be reading through them later tonight as well as well into the week. | |
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| And now let's head on back to the studio. | |
| And then lastly, if you are looking for some extra episodes of Facts Matter every single week covering topics that are, quite frankly, too spicy for here on YouTube, well, you're in luck because you can find them over on Epic TV, our awesome no-censorship video platform. | |
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| Despite the fact that those episodes are 100% fact-based and properly sourced, well, that's just the reality of the world that we're currently living in. | |
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| And then, until next time, I'm your host, Roman, from the Epoch Times. | |
| Stay informed. |
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