Browsing Tag

Penalty

IRS to Waive $1 Billion in Tax Penalties—Find Out If You Qualify

Harrington Maury Dec 20, 2023

On Tuesday, the IRS announced its intention to exempt individuals who failed to settle back taxes amounting to less than $100,000 annually for the tax years 2020 and 2021 from penalty fees. Approximately 5 million individuals,…

Economy

IRS Underpayment Penalty Jumps to 8%, Nearly Triple Its Rate from Two Years Ago

Alejandro Villamor Dec 3, 2023

The IRS has implemented a significant increase in the underpayment penalty rate, nearly tripling it from levels observed just two years ago. This move sees the penalty rate surge to 8%, marking a substantial hike that aims to…

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