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Automatic refunds of Internal Revenue Service penalties and interest to individual and business taxpayers will total $1.2 billion. Photo: Patrick Semansky/Associated Press
The Internal Revenue Service said Wednesday it was waiving late-filing penalties and issuing refunds to 1.6 million taxpayers who missed extended filing deadlines for tax year 2019 and 2020 federal income-tax returns.
The automatic refunds of penalties and interest to individual and business taxpayers will total $1.2 billion. That works out to an average refund of about $750.
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