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IRS may owe billions in COVID-era tax refunds to millions of taxpayers

Tens of millions of taxpayers may be eligible for refunds from the IRS related to penalties and interest charged during the COVID-19 pandemic. This potential stems from court rulings, including Kwong v. United States, which interpreted tax law to automatically extend filing and payment deadlines. Taxpayers who paid late or filed late between January 20, 2020, and July 10, 2023, and were charged penalties or interest may qualify. To claim a refund, individuals generally need to file IRS Form 843 by July 10. AI

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RANK_REASON This article discusses a significant legal ruling and subsequent legislative action impacting a large number of taxpayers and potential IRS refunds. [lever_c_demoted from significant: ic=1 ai=0.1]

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IRS may owe billions in COVID-era tax refunds to millions of taxpayers

COVERAGE [1]

  1. Fortune TIER_1 · Sydney Lake ·

    The IRS may owe COVID-era refunds to tens of millions of taxpayers. Here’s who could qualify

    The affected taxpayers could include individuals, small businesses, large corporations, estates, and trusts.