1.6 million taxpayers receiving automatic refunds and credits
LOS ANGELES, CA, UNITED STATES, October 6, 2022 /EINPresswire.com/ — Nearly two million US taxpayers are receiving $1.2 billion in credits or refunds thanks to the IRS relief action that tax expert and CPA Phil Liberatore says is long overdue but certainly welcome.
“This is finally some great news from the IRS,” Liberatore says, pointing out that the refunds are specifically for the 2019 and 2020 filings. “For anyone who may have been blindsided with a late filing penalty from the IRS—the penalties were automatically assessed, and, in many cases, they were late because the IRS was late in processing them. The IRS is finally owning up to the fact that the taxpayer should have the benefit of the doubt on timely filing and should have some relief when it comes to automatically assessed penalties.”