Daily Tax Report ®

Waive All Penalties for Confused Taxpayers, Wyden Urges IRS

Feb. 7, 2019, 9:37 PM

The IRS should go further to relieve all taxpayers of any penalties they might face for miscalculating their taxes owed this filing season, Senate Finance Committee ranking member Ron Wyden said.

This tax season is the first in which individuals are filing under the new rules of the tax overhaul, which include different brackets and a larger standard deduction.

  • Treasury said last month it wouldn’t penalize taxpayers who underpaid their estimated taxes for 2018 if they paid at least 85 percent of what they owe through withholding or estimated quarterly payments
  • Wyden, an Oregon Democrat, called Treasury’s move “one small...
To read the full article log in. To learn more about a subscription click here.