IRS waiving $1 billion in tax penalties - and you might qualify

Good news for people who still owe back taxes dating back to the pandemic - the IRS is cutting you a break.

The IRS announced this week that it would waive more than $1 billion in penalty fees from 2020 and 2021.

People who owe less than $100,000 per year in unpaid back taxes from those years will be eligible for relief.

The change will happen automatically with no additional action required.

The disruption caused by the pandemic led to a massive backlog of unprocessed tax returns for the IRS.

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