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
The IRS doesn't initiate contact with taxpayers by email to request any kind of personal or financial information.
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Generally, they would first mail a paper bill to a person who owes taxes.
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So those are the paper letters and notices that taxpayers should be on the lookout for in January.
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That's right.
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The expiration date is April 1st.
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But remember, the sooner you pay, the lower the tax bill will be because interest keeps accruing.
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But after April 1st, those late payment penalties will get posted back to your account.
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Luckily, this is all going to be automatic penalty relief.
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So starting this week, the IRS is going in and adjusting taxpayers' accounts to take off the late payment penalties for those two years.
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But it's a really a wake up call, a call to action to look at your tax debt and understand that the interest is still accruing and you try to get a handle on it.
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And obviously they make it easy to pay.
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But even if you can't pay or facing a hardship, there are things that you can do, set up partial payment plans or even try to secure an offer and compromise where you settle your tax debts for less than what you owe.
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The penalties could actually run in the hundreds or even thousands of dollars.
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The IRS assessed more than $1.8 billion in these penalties on nearly 12.2 million individual returns in fiscal year 2022.
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So that's a lot of people.
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It can change quarterly.
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As of October 1st, the IRS is charging 8% interest on estimated tax underpayments.
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That's up from 3% two years ago.
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It is.
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It's one of the many effects of rising interest rates.
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Showing 1061–1080 of 2,002 · page 54 of 101
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