IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021

The IRS says it's going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 a year for tax years 2020 or 2021. The agency says nearly 5 million people, businesses and tax-exempt organizations will be eligible for the relief, which totals about $1 billion. The federal tax collector temporarily suspended mailing automated reminders to pay overdue tax bills during the pandemic. IRS official say the pause in automated reminders is behind the decision to forgive the failure-to-pay penalties.