The IRS will further relax penalties on people who didn’t pay enough income taxes throughout 2018, easing the transition to the new tax law
WASHINGTON—The Treasury Department said Friday that it will further relax penalties on people who didn’t pay enough income taxes throughout 2018, easing the transition to the new tax law.
Taxpayers can now avoid penalties if they paid at least 80% of their 2018 income taxes through withholding or timely estimated tax payments. That’s down from the 90% requirement that usually applies and the 85% threshold that the Internal Revenue Service announced in January.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tax refund fraud: IRS crackdown ensnares legitimate taxpayersWhile the IRS efforts to reduce tax refund fraud have been successful, legitimate taxpayers have been caught up in the process, delaying refunds.
Read more »
How Much Do You Know About IRS Audits?The more you understand about audits, the better prepared you’ll be.
Read more »
Here's when the IRS says you can expect to get your tax refundThe IRS 'will be doing everything it can' to have a smooth filing season, says Commissioner Chuck Rettig.
Read more »
Tax Time: IRS Rules Can Lead To Overpaying Taxes On Stock Sales (And How To Prevent This)One of the trickiest areas in reporting stock sales on your tax return involves the cost basis. This is the number you subtract from your proceeds to determine the size of your capital gain or loss. If the reported cost basis is too low, then you will overpay taxes. Learn how to avoid this mistake.
Read more »
Here are some quirky tax deductions you may not know aboutIf you are looking for a way to pay less to the IRS, think outside the box when it comes to deductions.
Read more »
Powerball's jackpot surges to $550 million. Here's what the winner would pay in taxesRight off the bat, the IRS would shave tens of millions of dollars off the windfall, and more would be due at tax time.
Read more »
This just might be the worst tax-filing status to claimIf you're in the middle of a break-up and you don't trust your spouse, it might make sense to consider filing separate income tax returns with the IRS. Just make sure you aren't losing a slate of credits in the process.
Read more »