IRS News Release - 2018 Underpayment Penalty Relief

By
Education & Training with Tax Crisis Rescue LA CPA 27402

Excerpt from IRS Newswire Article...Full Article Here

 

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

IR-2019-03, January 16, 2019

WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty.

 

If you are unable to pay your taxes, there is no need for concern.  If you need help with your tax debt from a qualified tax resolution specialist contact us here in New Orleans, Louisiana or visit www.taxcrisisrescue.com or call 800-433-0986.

 

YouTube Video Link:

https://youtu.be/v5rJicW-Sew

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It can be a tricky balancing act trying to send in enough without sending in way to much.

Jan 17, 2019 04:06 AM #1
Rainmaker
12,398
Dirk Danos CPA CTRS
Tax Crisis Rescue - New Orleans, LA
Protecting taxpayer rights by finding affordable s

Ask you CPA about the estimated tax payment safe harbor rules.

If your income is the same or more than prior year, use the safe harbor rule to avoid penalties.  This may still result in a balance due on the return.

For income lower than prior year, this will likely result in overpayment.  

Jan 18, 2019 06:19 PM #2
Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Relief like this it’s really good to pass on and thank you so much for the knowledge, and the wisdom for that matter!

Jan 18, 2019 07:31 PM #3
Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Dirk Danos CPA CTRS It’s good to know that this exists and all these rules are there to serve benefit to those who really need it. :)

Jan 30, 2019 07:17 AM #4
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Rainmaker
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Dirk Danos CPA CTRS

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