August 29, 2022   //   Tax   //   By PKF Mueller Solutions


The IRS is providing penalty relief for the 1099 series, such as 2019 information returns that were filed by August 3, 2020, and for 2020 information returns that were filed by August 2, 2021.

Penalty relief is also provided for taxable years 2019 and 2020 for failure to file, timely file, or failure to show required information for specified tax returns that are filed before October 1, 2022.

Penalties will be waived, or if already paid, will be credited, or refunded. Generally, there should be no reason for taxpayer actions or requests as the IRS will automatically process the penalty relief.

A broad variety of 2019 and 2020 tax forms filed before October 1, 2022, are eligible for penalty relief, such as the following forms:

  1. 1040, 1040-C, 1040-NR, 1040-NR-EZ, 1040 (PR), 1040-SR, 1040-SS
  2. 1041, 1041-N, 1041-QFT
  3. 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
  4. 1066
  5. 990-PF and 990-T
  6. Certain penalties for Forms 5471, 5472, 3520, 3520-A
  7. Form 1065
  8. Form 1120-S

For more information or assistance please contact your PKF Mueller Representative today.