More Tax Relief for Businesses

The IRS announced that it will provide relief for those who filed late due to the pandemic from 2019 to 2020 worth $1.2 Billion in refunds & credits. The newly issued relief plan will allow the IRS to return to normalcy in 2023 by allowing them to process backlogged tax returns for 1.6 million taxpayers. A majority of these payments are to be completed by end of September and will be automatically applied to businesses that qualify. Furthermore, this will be applicable to those who failed to file penalty as long as the tax return is filed on or before Sep. 30, 2022. The penalties will be abated if you have already assessed & the taxpayer will be refunded or credited if already paid for. Are you qualified for the latest relief plan? Do you need help in completing tax returns to avoid these penalties? If so contact us here at XQ CPA and we can help you make sure your business is prepared for the upcoming deadline. #Tax #Business #CPA #IRS