When will the IRS repay $1.2 billion?

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More than 1.6 million taxpayers will get an automatic refund for submitting 2019 or 2020 taxes late, according to the IRS.

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Others must move fast to seize the chance. To qualify, individuals must submit a tax return by September 30, 2022.

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When a federal income tax return is submitted, the refund is used to reduce or eliminate the failure to file penalty,

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Which, according to the Internal Revenue Service (IRS), is calculated at a rate of 5% each month, up to 25% of the unpaid tax.

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Americans who have previously filed forms in both the 1040 and 1120 series, or a form indicated in this press release,

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Are eligible as long as they submit their late return for either 2019 or 2020 before the deadline in September.

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The Internal Revenue Service provides assistance not just to individuals but also to businesses that have submitted information returns such as the 1099 series.

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In such a scenario, tax returns for the year 2019 needed to be filed by the 1st of August 2020, and returns for the year 2020 needed to be filed by the 1st of August 2021.

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