IRS Loosens Tax Penalty for Millions
Consumer Reports has no financial relationship with advertisers on this site. The IRS said today that because of changes and confusion caused by the new Tax Cuts and Jobs Act, it will penalize fewer taxpayers who didn't withhold enough federal taxes in 2018. Before the ruling, taxpayers who had arranged to have their employers withhold just 85 percent of what they really owed would have been subject to an . Now the threshold drops to 80 percent, the IRS says. In more typical tax years, most taxpayers must pay at least 90 percent of their ...
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