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Treasury Noncommital on Waiving Under-Withholding Penalties Further

 

The Treasury Department so far isn’t agreeing with requests from congressional Democrats and the American Institute of CPAs (AICPA) to go further in eliminating tax penalties for taxpayers who didn’t withhold enough taxes last year after passage of the Tax Cuts and Jobs Act (TCJA). Last month, the U.S. Internal Revenue Service (IRS) announced that it would generally waive the tax penalty for any taxpayer who paid at least 85 percent of their total tax liability last year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. Read more at Accounting Today.