{"id":4337,"date":"2022-11-13T17:12:08","date_gmt":"2022-11-13T17:12:08","guid":{"rendered":"https:\/\/patellawoffices.com\/blog\/?p=4337"},"modified":"2022-11-13T17:12:09","modified_gmt":"2022-11-13T17:12:09","slug":"forms-5471-5472-3520-partial-penalty-relief-still-available-for-2019-and-2020-returns","status":"publish","type":"post","link":"https:\/\/patellawoffices.com\/blog\/planning-for-tax-minimization\/forms-5471-5472-3520-partial-penalty-relief-still-available-for-2019-and-2020-returns\/","title":{"rendered":"Forms 5471, 5472, 3520 Partial Penalty Relief Still Available for 2019 and 2020 Returns"},"content":{"rendered":"\n

IRS Notice 2022-36 provided relief for certain taxpayers from certain failure to file penalties and certain international information return penalties with respect to tax returns for tax years 2019 and 2020 that are filed on or before September 30, 2022.<\/p>\n\n\n\n

Post Sep 30,\n2022 Options<\/strong><\/p>\n\n\n\n

Taxpayers who missed the September 30 filing deadline for\nreturns covered by Notice 2022-36 should immediately engage the help of a\ntrusted tax advisor to file their returns as quickly as possible and take\nadvantage of the IRS\u2019 partial penalty relief. For taxpayers whose returns are\nnot listed in the IRS\u2019 notice, options for penalty relief may be more limited;\ncounsel from a tax professional will be necessary to determine the proper\ncourse of action.<\/p>\n\n\n\n

Partial Penalty\nRelief Still Available<\/strong><\/p>\n\n\n\n

The IRS declined to extend<\/a> the filing period or\nexpand relief to the forms listed by the AICPA. In a statement, IRS\nCommissioner Chuck Rettig said the IRS understood the concerns of taxpayers and\npractitioners, but needed to keep the September 30 deadline so it can prepare\nfor the upcoming 2023 tax filing season.<\/p>\n\n\n\n

However, taxpayers who missed the September 30 deadline\nmay still receive partial penalty relief for the returns listed in Notice 2022-36.<\/a> In\nthe same statement, the IRS explained that taxpayers who file for the first few\nmonths after September 30 will be eligible for partial relief.<\/p>\n\n\n\n

According to the IRS, failure to file penalties for\neligible returns filed after the deadline will start accruing on October 1,\n2022, not the return’s original due date. However, failure to pay penalties and\ninterest will accrue based on the return’s original due date.<\/p>\n\n\n\n

Post Sep\n30, 2022 Options<\/strong><\/p>\n\n\n\n

Taxpayers who missed the September 30 filing deadline for\nreturns covered by Notice 2022-36 should immediately engage the help of a\ntrusted tax advisor to file their returns as quickly as possible and take advantage\nof the IRS\u2019 partial penalty relief. <\/p>\n","protected":false},"excerpt":{"rendered":"

IRS Notice 2022-36 provided relief for certain taxpayers from certain failure to file penalties and certain international information return penalties with respect to tax returns for tax years 2019 and 2020 that are filed on or before September 30, 2022. Post Sep 30, 2022 Options Taxpayers who missed the September 30 filing deadline for returns covered by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"1","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4337","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/4337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=4337"}],"version-history":[{"count":1,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/4337\/revisions"}],"predecessor-version":[{"id":4341,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/4337\/revisions\/4341"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=4337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=4337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=4337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}