If you didn't pay enough in taxes last year, the IRS may be giving you a break.
The IRS once again is making it easier on taxpayers facing unexpected penalties following implementation of the Tax Cuts and Jobs Act.
Before the tax code overhaul, anywhere from 10 million to 12 million taxpayers found themselves facing a penalty, said a senior Treasury official. In 2017, the total amount collected was $1.6 billion in penalites. The IRS has been reminding taxpayers to review their W-4s, to ensure they are withholding sufficient taxes from their pay.
"We realize there were many changes that affected people last year, and this penalty waiver will help taxpayers who inadvertently didn't have enough tax withheld," IRS Commissioner Chuck Rettig said in January.
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