IRS reduces threshold for imposing penalties on un
Post# of 35795
(Total Views: 18)
Posted On: 03/22/2019 6:00:02 PM
IRS reduces threshold for imposing penalties on underpayment of taxes
The U.S. Department of the Treasury Friday announced more leniency towards taxpayers who have underreported their tax payments as a result of miscalculating their withholdings. The Internal Revenue Service will now not impose underpayment penalties on those who pay at least 80% of their owed taxes. Previously taxpayers who reported under 85% of the total amount of taxes owed would be subject to tax penalties. Secretary Steven Mnuchin said that the change is an "effort to help those who attempted in good faith to meet their withholding obligations."
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
(0)
(0)Scroll down for more posts ▼