Treasury grants further relief on IRS withholding penalties
Posted Mar 22, 2019 12:07:56 PM.
This article is more than 5 years old.
WASHINGTON — The Treasury Department is expanding again the relief it grants taxpayers who had too little in income taxes withheld from their paychecks in the first year of a sweeping tax overhaul.
Treasury says that taxpayers will be able to avoid penalties for paying too little in taxes as long as they paid at least 80 per cent of what they owed the government.
That represents a reduction from the regular threshold to avoid penalties of paying 90 per cent of what is owed. Treasury had earlier this year reduced the normal 90 per cent threshold to 85 per cent.
Treasury Secretary Steven Mnuchin says his department was making the move “to help those who attempted in good faith to meet their withholding obligations.”
Martin Crutsinger, The Associated Press
