Your fact-checks will appear here
The Internal Revenue Service allows taxpayers to avoid federal estimated-tax penalties if they pay at least 90% of the current year's tax or 100% of the prior year's tax
No, the did not send a universal payment to all taxpayers in January; what occurred was a mix of routine refunds, targeted refund adjustments and individual credit reconciliations that in some cases p...
Protesters cannot generally deduct ordinary on their federal income taxes, and attempts to claim political or protest activity as a tax write‑off can trigger penalties; a narrow exception exists when ...
Beginning with tax year 2026 the will revise W-2 and multiple 1099 forms so employers and payers must separately report qualified tips and qualified overtime compensation, a change driven by the and i...
Computing the underpayment penalty for a specific missed 2025 estimated-tax quarter requires three actions: determine the tax that should have been covered for that quarter under the IRS “required ins...
The (IRA) bundled several tax-law changes — most notably a new , a , and roughly funding intended to raise compliance revenue — and was scored as deficit-reducing by some official and independent scor...
underpayment penalty comes down to predictable actions: pay enough tax during the year either through withholding or timely estimated payments, rely on when appropriate, and use special provisions for...
will waive or reduce underpayment of in limited, specific circumstances—chiefly when the underpayment results from a casualty, federally declared disaster, or other unusual circumstance that makes the...
Income swings during the year change how much will be withheld from paychecks under ’s updated and can make last year’s total-tax benchmark either too high or too low for avoiding underpayment—taxpaye...
The principal constraint on using new enforcement resources to audit taxpayers with incomes below is an administrative directive — not a law — instructing the IRS to keep audit rates for those taxpaye...
Public records show a sharp rise in Social Security numbers (SSNs) issued to noncitizens in recent years—roughly 590,000 in fiscal year 2022 and about 964,000 in 2023, with reporting around 1 million ...
Changing withholding on Form W‑4 during the year is one of the quickest ways to reduce or eliminate the IRS’s underpayment (estimated tax) penalty because withholding counts as tax paid evenly through...