MORE FINANCIAL HELP! New tax refunds announced for millions of Americans

• The IRS confirmed the good news.
• The agency revealed who will get the refunds.
• How much will the new tax refunds be?

Millions of taxpayers will be eligible for refunds from US Internal Revenue Service (IRS). The aid is aimed at those affected by the economic implications of the Covid-19 pandemic.

The federal government, both under former President Donald Trump and current President Joe Biden, approved aid checks for $1,200, $600 and $1,400, as part of the huge stimulus program to reduce the impact of the pandemic.

IRS announces refund for millions in 2022

The IRS announced through Notice 2022-36 the new relief that will benefit millions of Americans and businesses. «Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits,» the agency announced in a release reviewed by MundoNOW.

The refunds are expected to relieve ‘the burden’ from the IRS and allow the tax agency to “focus its resources on processing delinquent tax returns and correspondence from taxpayers to help return to normal operations for the 2023 filing season.”

Who will receive the refunds from the IRS in 2022?

This new stimulus, confirmed by the IRS, is intended for millions of people and businesses that filed certain 2019 or 2020 tax returns late. “Throughout the pandemic, the IRS has worked hard to support the nation and provide help to people in many different ways,” said IRS commissioner Chuck Rettig.

«The penalty relief issued today is another way the agency is supporting people during this unprecedented time,» the official added. The IRS is expected to send refunds totaling more than $1.2 billion, according to the release.

How to obtain these refunds? There isn’t much time left!

The IRS commissioner stressed that this refund is for qualified individuals or companies and that there is no need to contact the IRS. To qualify for this new help, income tax returns must be filed on or before September 30, 2022.

Additionally, the agency noted that “penalty relief is not available in some situations, such as when a fraudulent return was filed, when the penalties are part of an accepted offer in compromise or settlement agreement, or when the penalties were ultimately assessed by a court.”

When will the tax refund arrive?

The payments are expected to be sent at the end of September. “Penalty relief is a complex issue for the IRS to manage… We have been working on this initiative for months following concerns we have heard from taxpayers, the tax community and others, including Congress,” Rettig stated.

«This is another important step to help taxpayers, and we encourage those affected by this to review the guidelines,» added the Commissioner when announcing the 2022 refund for millions of lucky Americans.