File Taxes Late In New Jersey? IRS Is Finally Giving Taxpayers A Break
Well, who would have ever thought!?
Can you believe it? I actually have good news for New Jersey taxpayers from the Internal Revenue Service (IRS) for once.
Can we take a moment to bask in this for a second because this does not happen often.
According to NJ.com, there is a $750 refund that will be paid out to approximately 1.6 million taxpayers by the end of September.
Heads up: The refund may not be $750 exactly. Experts are predicting that this is what taxpayers will receive on average.
This is because the IRS is waiving those late fees you pay when filing your taxes after their annual deadline.
“Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season,” said the IRS according to NJ.com.
To be eligible, you had to have either filed your taxes late or not at all for 2019 and/or 2020.
If you have already filed your taxes, you do not have to do anything to receive this chunk of change.
However, if for some reason you still have not filed your taxes for 2019 or 2020, you have until September 30th of this year to file without any late fees.
“Penalty relief is automatic. This means that eligible taxpayers need not apply for it. If already assessed, penalties will be abated. If already paid, the taxpayer will receive a credit or refund,” the IRS added according to NJ.com.