IRS expands penalty waiver for tax withholding, payments
March 22, 2019
The IRS has expanded the penalty waiver and lowered the key threshold to 80 percent for those whose tax withholding and estimated tax payments fell short in 2018 due to changes made with tax reform. Many individuals may not have properly adjusted their withholding to account for changes made in the Tax Cuts and Jobs Act, and this waiver expansion serves to provide some relief. The penalty waiver is typically 90 percent but was changed to 85 percent initially on Jan. 16, 2019, before the March 22 expansion to 80 percent. Those who have already filed may claim a refund.
To learn more, visitÂ https://www.irs.gov/newsroom/irs-expands-penalty-waiver-for-those-whose-tax-withholding-and-estimated-tax-payments-fell-short-in-2018-key-threshold-lowered-to-80-percent