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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
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 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...