12/19/23: IRS ANNOUNCES MASSIVE $1,000,000,000 TAX PENALTY FORGIVENESS

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Table of Contents:
0:00 IRS Announced $1 Billion Tax Penalty Forgiveness for 4.7 Million American Taxpayers
0:25 My Quotes in the Wall Street Journal Article
0:50 What This Video Is About
1:13 IRS Notice 2024-7
1:28 Relief Is For Tax Years 2020 and 2021
1:54 Relief Is For the Failure-to-Pay Penalty
3:13 IRC Section 6651
3:52 Failure-to-Pay Penalty Example
4:33 General Penalty Abatement Rules
4:58 Why Is the IRS Granting This Penalty Relief?
5:32 The General Balance Due Notice Sequence
6:48 The IRS Paused the Interim Collection Notices on February 9, 2022
8:16 But Penalties Kept Accruing!
10:05 Failure-to-Pay Penalties on Which Returns Are Eligible?
11:48 What Is the "Relief Period"?
13:32 Is Interest Eligible for Abatement Under This New IRS Announcement?
14:14 Who Is an "Eligible Taxpayer"?
15:15 How Do You Get This Penalty Relief From the IRS?
15:43 Exceptions to Relief

#irs #taxes #tax

[sarita]

I talked to an IRS agent a few days ago, and she said that 2019 is included since that was the filing year. I mentioned to her that 2019 wasn't on the notice, and she said it was included, so we shall see. She said that to expedite it, you can fill out the forgiveness form. They're sending out the refunds in waves too.

[ParisGreenPresents]

Hey there hope you feel better. Take care of yourself and thanks for the videos.

[DamianoOkaie]

Hello Allec, good news for us of not up to date of filings tax return on schedule.

[AustinKloud]

I just called this number and got someone over seas? WTF?

[canafornians]

Thank you Allec,

Actually the CP14 initial due notice we received was dated June 13, 2022 and not June 2023 which makes more sense since this was for our 2021 tax return.

I was also wondering, is the first time abatement on the failure to pay penalty abatement still accepted by the IRS even though our tax penalties extend back more than one year?

Thanks again

[MovieGasm]

@0:23 Tax exempt organizations need help with taxes they don’t pay? lol

[GrthxAlot]

I had to double check that it wasn't April 1.

[cg]

Would this apply to a CP2000 issued during the timeframe specified? The IRS notice states that it applies to those who received an "initial balance due notice (including, but not limited to Notice CP14 or Notice CP161)..."

[tcwaterdrill]

How does this affect people that did not file tax returns in 2021 and 2022??

[kristofferpence]

Weird timing. I paid off my 2021 taxes in full a few months ago. This morning I have a check coming, no way it’s this fast is it?

[WealthbuilderzTV]

Why is the IRS being do forgiving? It’s scaring me. It must be something else going on.

[canafornians]

Hi,

My wife and I received a CP14 initial due notice dated June 13, 2023 to pay our 2021 taxes which was more than $100k. I just finished with my final payment on January 5, 2024.

Would we be eligible for the first time abatement on the failure to pay penalty since we did not receive any penalties nor receive a first time abate relief during the prior 3 tax years? We also have filed the 1040 return for the past 3 years before the 2021 tax year.

Thanks

[frankie]

If you filed an extension to Oct then paid the fee will you get reimbursed for those years 2019 2020?

[sammyocgirl]

so I just sent in 3, 500 for tax year 2020, payed off in full it had penalties and intrest tacked on...are they just going to send me a refund? all my others taxes are paid and up to date

[jamesclark]

as above so below, this bein below, the above comes dec 20th 9 11 pm est comes, 3 rulers be revealed 2 as burning mtns, comets with one third their power cast out of authority the ones of this worlds forgiveness the false manifestation illusury money being the currency of this realm and the 3rd ruler the true one being lifted up with true currency of forgiving love if one knows the truth that he is child of light, the revealer pouring out truth in abundant love u r one and same revealed

[callmeNeno]

When the Government is trying to “help” you, run the other way!!