The U.S. IRS has announced the issuance of Notice 2022-36 on 24 August 2022, which provides systemic penalty relief to individual and corporate taxpayers for certain civil penalties with respect to certain 2019 and 2020 returns. The relevant penalties will be waived or, to the extent previously assessed, abated, refunded, or credited, as appropriate.

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COVID tax relief: IRS provides broa…