Understanding tax payments and the potential repercussions of underpayment is crucial. The tax underpayment penalty is one such charge that taxpayers need to be mindful of. Simply put, this penalty is ...

The IRS provided another limited waiver of the addition to tax under Sec. 6655 for a corporate taxpayer’s failure to pay estimated income tax with respect to its Sec. 55 corporate alternative minimum ...

In an ideal world, you'd know exactly how much tax to pay or have withheld from each paycheck throughout the year and break even come tax season. But, sadly, things rarely work out perfectly like that ...

Got a tip on a tax dodger? The IRS Whistleblower Office has updated Form 211, allowing tips to be submitted digitally for the first time.

The Internal Revenue Service said Friday that it 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 ...

The Treasury Department and the Internal Revenue Service said Friday they are lowering the withholding underpayment threshold to 80 percent to give more taxpayers relief from tax penalties if they ...

The Internal Revenue Service has now come out with three pieces of guidance on the handling of underpayment of estimated tax penalties on 2018 tax returns, each new piece of guidance progressively ...

Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the Tax Cuts and ...

For taxpayers facing underpayment penalties this tax season, the Internal Revenue Service is upping the relief it’s already provided. That’s welcome news, albeit late. In Notice 2019-25, the IRS ...

There are two important tax deadlines for individuals on June 15: quarterly estimated income taxes for 2017, and the 2016 tax deadline for U.S. residents living outside the U.S. Excerpts from 2017 ...