Tens of Millions of Taxpayers May Get Significant Tax Refunds

Quick summary: The IRS and Treasury announced that tens of millions of taxpayers may be eligible for refunds or abatements of COVID-19 period penalties and interest. What changed: A recent analysis by the National Taxpayer Advocate found that many taxpayers may have been incorrectly charged these fees. Why it matters: This could result in significant tax refunds for affected individuals. However, taxpayers must act quickly as the deadline to claim these refunds is July 10. Who may be affected: Tens of millions of taxpayers who paid penalties and interest during the COVID-19 period. What to watch next: The IRS will provide more information on how to claim these refunds in the coming weeks. For deeper weekly briefings, source tracking, and monthly roundups, subscribe to Tax Dispatch. Sources: * [9] Tens of Millions of Taxpayers May Be Eligible for Refunds - Act by July 10 Disclaimer: This is not tax advice. Consult a tax professional for personalized guidance.

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• Tens of Millions of Taxpayers May Be Eligible for Refunds - Act by July 10

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