ProConnect Tax Online Simplified and Complex QBI Worksheets and QBI Calculations - Update 1/10/19
PTO Simplified Worksheet Section 199A - Qualified Business Income Deduction:
https://accountants-community.intuit.com/articles/1786608
&src=ptocom
PTO Complex Worksheet Section 199A - Qualified Business Income Deduction: https://accountants-community.intuit.com/articles/1791143&src=ptocom
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January 16, 2019
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
IR-2019-03
The Internal Revenue Service announced today 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 is generally waiving the penalty for any taxpayer who paid at least 85 percent of
their total tax liability during the year through federal income tax
withholding, quarterly estimated tax payments or a combination of the
two. The usual percentage threshold is 90 percent to avoid a penalty.
The waiver computation announced today will be integrated into
commercially-available tax software and reflected in the forthcoming
revision of Form 2210 and instructions.
This relief is designed to help taxpayers who were unable to properly
adjust their withholding and estimated tax payments to reflect an array
of changes under the Tax Cuts and Jobs Act (TCJA), the far-reaching tax
reform law enacted in December 2017.
To View IRS Notice Details: https://www.irs.gov/newsroom/irs-waives-penalty-for-many-whose-tax-withholding-and-estimated-tax-pay...