Automatic IRS Penalty Relief

In late August, the IRS made waves by announcing automatic penalty relief for late-filed returns. This is for tax years 2019 and 2020, which must be filed before a revised deadline to qualify, but the relief is automatic and applies to several returns, including personal 1040s and several corporate forms, such as 1120 and 1099s.

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Letter 525 - Notice of Proposed Adjustment

This week we continue our look at common IRS letters and notices. Letter 525, sometimes called the 30-day letter, is a notice of proposed adjustment to your return. It is called a 30-day letter because you only have a 30-day window to respond to it.

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