Moneymoney
Thu Jan 17, 2019, 10:40 AM
uncledad (4,831 posts)
U.S. IRS to waive 2018 penalties for under-withheld taxpayers
WASHINGTON, Jan 16 (Reuters) - The U.S. government tax agency said on Wednesday it would not impose penalties on many taxpayers who had too little federal income tax withheld from their pay last year, or who paid less than their estimated tax liabilities.
In a concession that follows a sweeping U.S. tax overhaul enacted in late 2017, the Internal Revenue Service lowered its threshold for waiving the penalty to help taxpayers affected by tax law changes ushered in by the 2017 Tax Cuts and Jobs Act. Tax penalties will be waived generally for taxpayers who have paid at least 85 percent of their total liability through withholding, quarterly estimated tax payments or a combination of the two, the IRS said. The threshold is usually 90 percent. https://www.reuters.com/article/us-usa-tax-penalty-idUSKCN1PA2VD
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Author | Time | Post |
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uncledad | Jan 17 | OP |
freedumb2003 | Jan 17 | #1 |
Response to uncledad (Original post)
Thu Jan 17, 2019, 11:25 AM
freedumb2003 (5,878 posts)
1. Another Trump win -- some sympathy from the Devil
This is the correct call - a LOT changed and is still being interpreted.
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