IRS giving millions a pass on penalties for 2018 underpayment

[Eugene]

Source: CNBC

IRS giving millions a pass on penalties for 2018 underpayment

PUBLISHED FRI, MAR 22 2019 • 12:27 PM EDT | UPDATED FRI, MAR 22 2019 • 1:04 PM EDT

Katie Young

The IRS once again is making it easier on taxpayers facing unexpected penalties following implementation of the Tax Cuts and Jobs Act.

Individuals who failed to pay a certain percentage of their federal tax bill throughout the year are subject to an underpayment penalty when they file.

On Friday, the agency said it is lowering that threshold to 80 percent of what they owe, after previously reducing the figure to 85 percent in January. The move is expected to provide relief to an additional 15 percent of all taxpayers and applies only to tax year 2018.

Eligible payers who have already filed and paid the penalty can claim a refund by filling out IRS Form 843. That has to be done via old-fashioned snail mail only.

-snip-

Read more: https://www.cnbc.com/2019/03/22/irs-giving-millions-a-pass-on-penalties-for-2018-underpayment.html

[MichMan]

1. Good move

IMO, there should never be any penalties as long as you pay by April 15.

[Farmer-Rick]

2. That's because the Traitor Trump and the GOP eliminated the personal exemption.

Now everyone who estimated accurately based on that got f*cked.

Thanks GOP. We'll just call April the get f*cked by traitors month.