Jan. 10, 2024 The IRS will automatically waive failure-to-pay penalties on unpaid taxes less than $100,000 for tax years 2020 or 2021. You're eligible for this relief if you meet all the following criteria: Filed a Form 1040 or 1041 tax return for years 2020 and/or 2021. Were assessed taxes of less than $100,000. Received an initial balance due notice, typically the CP14, between Feb. 5, 2022, and Dec. 7, 2023. A credit will be applied automatically to any other tax year with a balance due, otherwise you'll receive a refund. If your address has changed, notify the IRS so you'll receive any refunds or notices. For details, see Notice 2024-7 PDF.
