KPMG report: Inflation adjustments for information return penalties (Rev. Proc. 2021-45)
Increased penalties for taxpayers that fail to file correct information returns and fail to provide correct information returns to payees
IRS increased penalties for taxpayers that fail to file correct information returns
The IRS on November 10, 2021, issued Rev. Proc. 2021-45 providing inflation adjustments for more than 60 tax provisions for the 2022 tax year (that is, for returns required to be filed in 2023).
The IRS increased the penalties for taxpayers that fail to file correct information returns with the IRS and fail to provide correct information returns to payees.
Read a November 2021 report [PDF 165 KB] that addresses the penalty increases and also the corresponding penalty amounts for the 2021 tax year
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