IRS to waive tax penalties for underwithholding and underpayment


If you discover your federal income tax was underwithheld as a result of changes in the tax code, there could be some relief from penalties. You can find out more on this from this article at Accounting Today.

Be sure to review your withholdings at tax time and consider completing a new W4 for your employer if changes are necessary.

Popular posts from this blog

Independent Contractor Exemption Certificate (ICEC) – Frequently Asked Questions

Image
Montana Workers’ Compensation Laws for Independent Contractors from the Department of Labor & Industry What are Montana’s workers’ compensation laws for independent contractors? The law requires independent contractors to obtain either an independent contractor exemption certificate or self-elected coverage under a Montana workers’ compensation insurance policy. Refer to MCA, 39-71-417 . What is the purpose of an independent contractor exemption certificate? It allows an independent contractor to waive all their rights and benefits that would otherwise be provided by a workers’ compensation insurance policy. If an independent contractor were to suffer a work-related injury or occupational disease while performing the occupations specified on the certificate, they would not be eligible for workers’ compensation benefits. The certificate concludes the person’s status is conclusively presumed to be that of an independent contractor. Refer to MCA, 39-71-417(7) . What is the purpos
Read more

2019 Extended Tax Return Filing Deadline

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches File and pay electronically, request direct deposit for refunds WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options , including IRS Free File , are still available. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments. Although Oct. 15 is the last day for most people to file, some taxpayers may have more time. They include: Members of the military and others serving in a combat zone . They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. Taxpayers in federally declared disaster areas who already had
Read more

~ Christmas Wreath Silent Auction ~

Image
Bidding begins today and we encourage you to drop by our office or comment on our Facebook post to take this beautiful handmade wreath "home for the holidays"! All proceeds benefit the Broadus Senior Center and remember, Gardner & Billing CPAs will match the winning bid up to $50! Bidding will end after the stroll on Friday, so keep an eye on this one!
Read more