Just in time for the holidays, the IRS has announced a move to help individuals, businesses, and tax-exempt organizations that owe back taxes. The agency will waive nearly $1 billion in penalties for taxes owed by more than 4.7 million people and entities that didn’t receive automated collection reminders during the COVID-19 pandemic. The penalty relief mainly targets those earning under $400,000 a year.
IRS Commissioner Danny Werfel said the agency wants to help taxpayers with past-due bills.
