Federal taxes outstanding for 2020 and 2021? There’s relief

The IRS is waiving accrued failure-to-pay penalties for these tax years for individuals and corporations with assessed taxes less than $100,000 as long as an initial balance due notice was sent between February 5, 2022, and December 7, 2023. If payments were made, a credit will automatically be applied to other tax years or a refund will be issued. No additional action by taxpayers is required. This penalty relief amounts to about $1 billion. #IdeaoftheDay