Major Tax Developments: Relief for COVID-19 Penalties & The Courts' Rulings
In this episode, Tim Oglesby dives into critical updates on recent court rulings impacting taxpayers who faced penalties during the COVID-19 pandemic, highlighting how federal law and court decisions could mean refunds for millions. Understanding these legal shifts can help taxpayers reclaim money they might not realize is owed to them.
Key Topics:
- The significance of the July 10 deadline for claiming COVID-19 related tax refunds
- How the Taxpayer First Act and Section 7508A D provided automatic extensions during the pandemic disaster
- The landmark court cases: Abdo vs. Commissioner and Kwong vs. United States
- How courts found that IRS penalties for late payments during the disaster period should not have been assessed
- Practical steps taxpayers can take to review their transcripts and file claims
- The importance of proactive action before the July 10 deadline to preserve rights
- The potential impact for millions of taxpayers and the necessity to file a protective claim
- How IRS regulations and court rulings have challenged established penalty enforcement practices
- The ongoing appeal process and what it means for future claims
- The broader message about trusting the system and the importance of legal awareness in tax resolution
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What is Oglesby Tax Solutions?
Oglesby Tax Resolution helps resolve IRS problems. Our podcast provides basic information for taxpayers with tax problems--from back taxes and unfiled returns to forensic reconstruction and Offers in Compromise. We are here to help.