IRS Waiving $1.2 Billion in Taxpayer Penalties; Here’s Who Qualifies

A copy of an IRS 1040 tax form is seen at an H&R Block office in Miami, Fla., on Dec. 22, 2017. Joe Raedle/Getty Images

The Internal Revenue Service (IRS) announced on Aug. 24 that it will waive penalties levied against American taxpayers who failed to file their 2019 and 2020 returns in a timely manner during the COVID-19 pandemic.

The agency will also issue over $1.2 billion in refunds or credits to taxpayers who received the fees.