Wednesday, August 24, 2022

Penalty Relief for Late 2019 and 2020 Filings Including 5471, 5472, 3520 & 3520-A

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36,which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. 

To Qualify For This Relief,
Any Eligible Income Tax Return Must Be Filed
On Or Before Sept. 30, 2022.

Returns covered include: 

  • Form 1040, U.S. Individual Income Tax Return;
  • Form 1040-C, U.S. Departing Alien Income Tax Return;
  • Form 1040-NR, U.S. Nonresident Alien Income Tax
  • Form 1041, U.S. Income Tax Return for Estates and Trusts;
  • Form 1065, U.S. Return of Partnership Income
  • Form 1120-S, U.S. Income Tax Return for an S corporation
  • Form 1120, U.S. Corporation Income Tax Return;
  • Form 1120-C, U.S. Income Tax Return for Cooperative Associations;
  • Form 1120-F, U.S. Income Tax Return of a Foreign Corporation;
  • Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation;
  • Form 990-T, Exempt Organization Business Income Tax Return

The waiver also covers late penalties for foreign tax disclosures for those years, including

  • Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, and or Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, is attached to a late-filed Form 1120 or Form 1065;
  • Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.
However, As Currently Drafted, Only Corporations And Partnerships Are Entitled To This Relief For Late Filing
Penalties For Form 5471 & Form 5472!

The relief also covers a broad range of information returns, including many 1099s and information returns related to health insurance coverage. There are exceptions, including returns subject to fraud penalties. 

Have an IRS Tax Problem?

     Contact the Tax Lawyers at
Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at: or
Toll Free at 888 8TAXAID (888-882-9243)


1 comment:

  1. Ronald A. Marini, Esq.September 2, 2022 at 8:05 AM

    The Internal Revenue Service should extend from Sept. 30 to Dec. 31 the filing deadline for people and corporations to obtain late-filing penalty relief for 2019 and 2020 returns, the American Institute of Certified Public Accountants said in a letter.