According to Investment News, The government’s second reduction in the penalty threshold this year comes as 2017 tax overhaul leaves many with surprise tax bills.
The Treasury Department is reducing penalties for taxpayers who didn’t pay enough of their tax bill throughout the year. It is the second time Treasury has cut the penalty threshold for the first filing season following the Republican tax overhaul.
Treasury will soon release a form for taxpayers who paid at least 80 percent to attach to the tax return that will exempt them from penalties. If you’ve already paid your taxes with the penalties, you may request a refund from the IRS for the amount of the fines.
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