Writingley
    Facebook Twitter Instagram
    Monday, March 27
    • Privacy Policy
    • Disclaimer
    • Contact Us
    • About Us
    Facebook Twitter Instagram LinkedIn VKontakte
    Writingley
    • Home
    • Business

      Who Is Arthur Britto? Career, Personal Life, Net Worth, And All Other Info

      March 26, 2023

      Get the Best Silver Coins Price in Canada

      March 21, 2023

      How to Turn on Airpods When Case is Dead

      March 13, 2023

      Advice on How to Choose The Ideal Plastic Bottle for Your Product

      March 2, 2023

      Love This Dakimakura Body Pillow From Vograce

      February 10, 2023
    • Technology

      What Is Call Centre Monitoring and Why Is It Important?

      March 17, 2023

      Features of VoIP Phone System

      March 3, 2023

      Top 5 Photo Editing Apps to Enhance Your Smartphone Photography

      March 2, 2023

      Eco-Friendly Mobile Repairs: How Mobile Repair Shops are Going Green?

      February 24, 2023

      What is a Surge Protector? An Essential Overview Of What Does A Surge Protector Do?

      February 22, 2023
    • Home Improvement
    • Lifestyle
      • Fashion
      • Travel
      • Health
      • Art
      • Recipe
      • Pets
      • Fitness
    • Gaming
    • More
      • Digital Marketing
      • Automobile
      • Real Estate
      • Education
      • World
      • Law
      • Finance
      • Sports
      • Entertainment
    • Contact
    Writingley
    You are at:Home » Optima Tax Relief Reviews IRS Penalty Relief Program 
    Business

    Optima Tax Relief Reviews IRS Penalty Relief Program 

    Olivia AndersonBy Olivia AndersonSeptember 24, 2022Updated:November 1, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Relief Reviews
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Last Updated on November 1, 2022 by hassan abbas

    The IRS has announced a new penalty relief program through Notice 2022-36, which will abate penalties for late filing in 2019 and 2020. Optima Tax Relief reviews the program’s objectives, guidelines, and eligibility requirements.  Taxpayers who reported transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations also qualify for relief if they file their tax returns by September 30, 2022. 

    Objectives 

    To help taxpayers who have struggled financially during the COVID-19 pandemic, the IRS will offer penalty relief to most individuals and businesses who filed 2019 or 2020 tax returns late.  Taxpayers who reported transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations also qualify for relief if they file their tax returns by September 30, 2022. 

    Guidelines 

    Typically, the penalty for failing to file is 5% of the unpaid taxes for every month, or part of a month, that the tax return is late. The maximum penalty is 25%. The penalty relief program will waive and abate penalties for taxpayers on the following forms and sections: 

    • Form 1040 series 
    • Form 1041, 1041-N, and 1041-QFT 
    • Form 1120 series 
    • Form 1066 
    • Form 990-PF and Form 990-T 
    • Sections 6038, 6038A, 6038C, 6039F, 6677 

    Eligibility Requirements  

    Taxpayers who filed their tax returns on or before September 30, 2022 are eligible for this relief program. About 1.6 million taxpayers will automatically receive $1.2 billion in refunds or credits. Taxpayers who reported transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations also qualify for relief if they file their tax returns by September 30, 2022. 

    Taxpayers who reported transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations also qualify for relief if they file their tax returns by September 30, 2022. 

    In addition, banks, employers, and some businesses will receive relief. These groups will need to have filed their 2019 returns by August 1, 2020 and their 2020 returns by August 1, 2021. 

    Taxpayers who reported transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations also qualify for relief if they file their tax returns by September 30, 2022. 

    All eligible parties do not need to apply for relief as it is automatic. Assessed penalties will automatically be abated and paid penalties will automatically be refunded.

    Apart from this if you ara interested to know more about Newborn Comfort Cushion review then visit our UNCATEGORIZED category

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleGamification in Education
    Next Article All the Facts you should know about Phone Repair Store?
    Olivia Anderson

    Related Posts

    Who Is Arthur Britto? Career, Personal Life, Net Worth, And All Other Info

    March 26, 2023

    Get the Best Silver Coins Price in Canada

    March 21, 2023

    How to Turn on Airpods When Case is Dead

    March 13, 2023

    Comments are closed.

    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • September 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • September 2019
    • June 2019
    • May 2019
    • September 2017
    Categories
    • Art
    • Automobile
    • Business
    • Daily Bites
    • Digital Marketing
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Fitness
    • Gaming
    • Health
    • Home Improvement
    • Law
    • Lifestyle
    • Pets
    • Real Estate
    • Recipe
    • Sports
    • Tech
    • Technology
    • Travel
    • Uncategorized
    • What's hot
    • World
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    • Facebook
    • Twitter
    • Instagram
    • Pinterest
    Don't Miss

    The Shocking Truth: Why Did Abby Kill Joel in The Last of Us 2

    Online Casino Bonuses: All You Must Know When Gambling on the Site

    The 7 Best Tips And Recommendations For Deciding On An Online Gambling Operator

    A Detailed Guide About Carbonated Juice Flavor Filling Machine That You Need To Know

    E-mail Newsletter
    • Facebook
    • GitHub
    • Instagram
    • Pinterest
    • Twitter
    • YouTube
    Footer menu
    • Privacy Policy
    • Disclaimer
    • Contact Us
    • About Us
    About

    Welcome to writingley.com, it is the right choice for interesting articles, updates, amazing facts on many topics including technology, food, health, recipes, and traveling. We are determined to provide you with the best of our work and we hope you enjoy our articles.

    Facebook Twitter Instagram LinkedIn VKontakte
    Popular Posts

    The Shocking Truth: Why Did Abby Kill Joel in The Last of Us 2

    March 27, 2023

    Online Casino Bonuses: All You Must Know When Gambling on the Site

    March 27, 2023

    The 7 Best Tips And Recommendations For Deciding On An Online Gambling Operator

    March 27, 2023
    Copyright © 2023. All rights reserved by Writingley.
    • Home
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.