Ashlea Ebeling
speaker
2,002 appearances
38 recordings
1 series
first heard Jul 2022
last heard Feb 2025
Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · IRS to Waive Nearly $1 Billion in Late-Payment Tax Penalties · 22 Dec 2023
podcast
It'll be a special reminder notice for those years, 2020 or 2021.
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And the notices will show the new balance due.
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without penalties.
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In the meantime, it is possible a taxpayer could establish an IRS online account and see what the revised bounds do is right on that online account.
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Those will be adjusted starting this week.
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No, the interest grows by law and can't be waived by the IRS.
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So no matter what
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tax year we're talking about, there's always going to be the interest that just keeps accruing.
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The special relief is just for late payment penalties for tax years 2020 and 2021.
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That's a big problem because once taxpayers forget a tax
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debt and they don't get the letters, then the interest in penalties is still accruing and they might not understand it.
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The current interest rate is 8% and it's compounded daily.
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Every quarter the IRS sets it.
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So that's up from 3% a couple years ago.
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And then the penalty for failure to pay is calculated separately.
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And that's
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0.5% of the unpaid balance each month or 6% a year up to a maximum of 25%.
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So you can see how the penalties really add up.
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And all in all, it's a billion dollars of penalties that the IRS is waiving for these two years.
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Don't expect a text.
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Showing 1041–1060 of 2,002 · page 53 of 101
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