In this video tRob discusses the IRS's decision to waive penalties for taxpayers who owe money for the 2020 and 2021 tax years. This waiver applies to those who owe less than $100,000 and is automatic, benefiting individuals, businesses, trusts, and estates. The video explains the background of tax penalties and interest rates, highlighting the increase in penalty interest to 8% and the monthly penalty rate of 0.5%. It emphasizes the importance of filing tax returns on time to avoid non-filing penalties, and notes that some states may have higher rates than the IRS. Additionally, the video covers options for those with penalties from earlier years, such as payment plans and penalty relief, stressing the importance of maintaining good standing with the IRS by filing and paying taxes on time. The IRS plans to send reminders in January 2024 about the balance owed, excluding penalties.
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🟦 About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
I will be covering the following topics:
- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
- Entrepreneurship
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