The IRS may owe you money — but you have until July 10 to claim it.
Tens of millions of taxpayers penalized for late filings or missed payments during the COVID-19 pandemic may qualify for a refund or cancellation of those penalties, following a federal court ruling that the IRS overstepped during the public health emergency.
The case, Kwong v. U.S., determined that pandemic emergency laws extended tax deadlines — meaning the IRS was wrong to assess penalties for late returns filed between January 2020 and July 11, 2023. The agency had issued more than 120 million penalties during that stretch.
Relief, however, is not automatic. Taxpayers must mail IRS Form 843 before July 10 to preserve their claim.
“Either it holds up or it doesn’t,” said Alyssa Maloof Whatley, a director at Frost Law. “So by preserving your claim, you’re actually preserving your right to that money.”
The national taxpayer advocate — an independent IRS watchdog — warns that low- and moderate-income earners face the greatest risk of missing the deadline, as they’re less likely to have professional tax help.
The Trump administration is fighting the ruling, calling it “a misreading of the plain language of the statute,” but tax professionals say filing now is the smart play.
Read more:
• IRS may owe you a refund for coronavirus-era fines. Here’s how to apply
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