April 10, 2019

IRS won’t penalize confused taxpayers following changes to code

The Treasury Department announced that it is providing relief this year for those individuals who under reported the tax that they owed the United States government. This relief is due to the 2017 tax overhaul changes, but the relief is limited. If the filer paid at least 85 percent of what they owed, then there will not be a penalty. If it was less, then a penalty will be in effect.

“Taxpayers who miscalculated how much they’ll owe the Internal Revenue Service this year won’t get hit with penalties — up to a certain point.”

Read more: https://www.bnnbloomberg.ca/irs-won-t-penalize-confused-taxpayers-following-changes-to-code-1.1199492

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