The IRS is introducing an Automatic Exemption from Penalty program that will automatically waive certain penalties for eligible taxpayers. While the program simplifies penalty relief for many common tax returns, not all taxpayers or returns qualify.
The IRS delayed many paper refund checks this filing season as it shifts taxpayers toward direct deposit. Taxpayers without valid banking information often received notices requesting direct deposit details.
The SEC’s proposed changes to filer status definitions have the PSC’s support, as they are intended to reduce complexity and compliance burdens. The proposal effectively balances the needs of investors with lowering costs for smaller companies.