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Waived penalty for those of you whose tax withholding and estimated tax payments fell short in 2018

January 24, 2019

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IRS will automatically waive estimated tax penalty for eligible 2018 tax filers

August 21, 2019



LR Tax & Accounting Services is pleased to inform you all that the Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.


The IRS will apply this waiver to tax accounts of all eligible taxpayers, so there is no need to contact the IRS to apply for or request the waiver.


Earlier in the year, the IRS lowered the usual 90% penalty threshold to 80% to help those whose withholding and estimated tax payments fell short of their total 2018 tax liability.


The agency also removed the requirement that estimated tax payments be paid in four e