N-2024-07: Relief from Additions to Tax for Certain Taxpayers? Failure to Timely Pay Income Tax for Taxable Years 2020 and 2021

Notice 2024-07 provides automatic relief to eligible taxpayers from the additions to tax for the failure to pay with respect to certain income tax returns for 2020 and 2021. For eligible taxpayers, these additions to tax will be waived or, to the extent previously assessed or paid, will be abated, refunded, or credited to other outstanding tax liabilities, as appropriate, for the relief period, which begins on the date the IRS issued an initial balance due notice or February 5, 2022, whichever is later, and ends on March 31, 2024.

Notice 2024-07 will be in IRB: 2024-2, dated January 8, 2024.

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