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IRS Newswire October 19, 2022

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Issue Number:    IR-2022-185   

Inside This Issue
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*IRS: Deadline to file 2019 and 2020 tax returns to get COVID penalty relief postponed in declared disaster areas*

WASHINGTON  ̶  The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief [ [link removed] ] under Notice 2022-36 [ [link removed] ] for their 2019 and 2020 tax returns.

Under Notice 2022-36, penalties for late-filing certain tax returns, as well as penalties for not reporting certain required information on the Form 1065 or Form 1120-S, are waived or abated if the relevant return was filed on or before Sept. 30, 2022. But individuals and households that reside or have a business in recently declared FEMA disaster areas have postponed deadlines to file the return to get this relief, as noted below.


* Areas with a deadline of *Nov. 15, 2022*, include:
* Counties in Missouri [ [link removed] ] identified under FEMA’s Major Disaster Declaration 4665.
* Counties in Kentucky [ [link removed] ] identified under FEMA’s Major Disaster Declaration 4633.
* The island of St. Croix [ [link removed] ] in the U.S. Virgin Islands.
* Members of the Tribal Nation [ [link removed] ] of the Salt River Pima Maricopa Indian Community.

* Areas with a deadline of *Feb. 15, 2023*, include:
* Florida [ [link removed] ],
* Puerto Rico [ [link removed] ],
* North Carolina [ [link removed] ],
* South Carolina [ [link removed] ],
* Areas in [link removed] identified under FEMA’s Major Disaster Declaration 4672 and
* Hinds County, Mississippi [ [link removed] ].

The relief under Notice 2022-36 applies to the failure-to-file penalty that is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others listed in Notice 2022-36 [ [link removed] ], posted on IRS.gov.

Unlike the failure-to-file penalty, the failure-to-pay penalty and interest will still apply to any unpaid tax. The failure-to-pay penalty is normally 0.5% (one-half-of-one percent) per month, up to 25%. The interest rate [ [link removed] ] is currently 6%, compounded daily.

Penalty relief for 2019 and 2020 returns is not available in some situations, such as where a fraudulent return was filed, where the penalties are part of an accepted offer in compromise or a closing agreement, or where the penalties were finally determined by a court. This relief is limited to the penalties that the notice specifically states are eligible for relief. For ineligible penalties, such as the failure-to-pay penalty, taxpayers may use existing penalty relief procedures, such as applying for relief under the reasonable cause criteria or the First Time Abate program. Visit IRS.gov/penaltyrelief [ [link removed] ] for details.

Different relief applies to 2021 returns. Visit the disaster relief [ [link removed] ] page on IRS.gov for more information about tax year 2021.

*More information:*


* IR-2022-175 [ [link removed] ], IRS: Don’t miss this important Oct. 17 tax extension deadline
* IR-2022-163 [ [link removed] ], Reminder: File 2019 and 2020 returns by Sept. 30 to get COVID penalty relief

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