The IRS will soon implement a new process that automatically provides penalty relief for taxpayers with a history of filing returns and paying tax dues on time.
To qualify for the yearly Automatic Exemption from Penalty (AEP), taxpayers must have made timely filings and payments in the three prior years or 12 consecutive quarterly returns, the IRS said in a July 8 statement. If an individual qualifies, penalties are not assessed when the individual fails to file, pay, or deposit taxes on time. Taxpayers do not need to take any action to get AEP. If eligible, the IRS will automatically apply the eligibility and issue a notice that the relief has been granted.
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