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Business and International Tax Blog

Business and International Tax Developments Blawg
Posts from August 2022.
Tax Alert: IRS Announces Unprecedented Waiver of Penalties for Certain International Information Reporting and Late Tax Returns: Short Window of Opportunity
Posted August 29, 2022 by Sebastien N. Chain, Patrick W. Martin

On August 24, 2022, the IRS released Notice 2022-36, Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020 (the “Notice”). The Notice waives certain failure-to-file penalties (FTF) and international information return (IIR) penalties for 2019 and 2020 returns. These must be filed no later than September 30, 2022. Plus, penalties for certain late-filed returns for S corporations and partnerships that failed to report required information on 2019 and 2020 returns can be abated.

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