Estimated Tax: Minimum Payment

IRS Waives Estimated Tax Penalty

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IRS Waives Penalty for Many with Short Witholding or Estimated Tax Payments The Internal Revenue Service (IRS) announced on January 16, 2019 that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS […]

Form 1040 of 1941

The New Postcard Return that Never Was?

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Treasury Secretary Steven Mnuchin said that the new promised postcard return will be released this week. The New York Times has reportedly obtained a draft of the new Form 1040 and posted it in their news article on Monday. The current two-page form is condensed into one page by introducing various new schedules that need […]

Identity Theft Risks from Equifax Data Breach

Identity Theft Risks from Equifax Data Breach

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During the National Public Liaison (NPL) Practitioner meeting in September, the IRS discussed the extent of the Equifax data breach, its implications in terms of tax-related identity theft, and the safeguards in place. It is estimated that roughly 143 million taxpayers are affected. According to IRS, the data breach exposed names, SSNs and mailing addresses; […]