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IRS Issues Another Revision to 2018 Tax Underpayment Penalty Rules

The United States Internal Revenue Service (IRS) has announced that it is again revising its rules on penalties for underpayment of taxes for 2018 in order to account for the fact that many people may not have changed their tax withholding amounts to adjust for the Tax Cuts and Jobs Act (TCJA).  The IRS noted it was easing still further the underpayment penalty rules on the basis that some people may be hit with surprise tax bills as a result of not adjusting their withholding allowances to comport with changes made by the TCJA.  To read the IRS announcement and summary of its second revision to its tax underpayment penalty rules for 2018, use the link below.