For tax year 2022, taxpayers who were required to make quarterly estimated payments (those who owe more than $1,000 for tax year 2022) will have their quarterly underpayment interest waived. All taxpayers will also have any underpayment penalty (but not late filing penalty or late payment penalty) waived for tax year 2022 only.
All other penalties and interest associated with tax year 2022 and beyond will remain in effect.
For taxpayers who have already paid these penalty and interest items, refunds will be automatically created and issued within 2-4 months.