September 6, 2022 Many businesses are still struggling in the aftermath of the COVID-19 pandemic. Because of this, the IRS is providing penalty relief to banks, employers and other businesses required to file various information returns, such as 1099s. A 2019 return is timely for purposes of this relief if a business filed it by August 3, 2020, and a 2020 return, if filed by August 2, 2021. There's also relief for international information return filers, such as those reporting transactions with foreign trusts, receipt of foreign gifts and ownership interests in foreign corporations. To qualify for this relief, these taxpayers must file eligible tax returns on or before September 30, 2022. Businesses will automatically receive refunds or credits. Full details are available in Notice 2022-36, on IRS.gov
