IRS Provides Relief from Additions to Tax for Certain Taxpayers’ Failure to Timely Pay Income Tax for Taxable Years 2020 and 2021
2024-01-04 IRS Notice 2024-7 provides relief for certain taxpayers from additions to tax for the failure to pay income tax with respect to certain income tax returns for taxable years 2020 and 2021. These additions to tax for the failure to pay income tax will be waived or, to the extent previously assessed or paid, will be abated, refunded, or credited to other outstanding tax liabilities. There are situations in…