August 25, 2026
New IRS program automatically waives common late penalties for eligible taxpayers.
The IRS’s new Automatic Exemption from Penalty (AEP) program, announced July 8, 2026, may protect qualifying businesses from certain penalties after an isolated missed deadline—but it does not eliminate the tax or the interest owed. Under the new process, the IRS will automatically review eligible taxpayers’ compliance histories when processing certain original returns. When a…