56°F
weather icon Clear

IRS expands penalty waiver

The Internal Revenue Service this month provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The usual percentage threshold is 90 percent to avoid a penalty.

“We heard the concerns from taxpayers and others in the tax community, and we made this adjustment in an effort to be responsive to a unique scenario this year,” said IRS Commissioner Chuck Rettig. This means that the IRS is now waiving the estimated tax penalty for any taxpayer who paid at least 80 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 updated withholding calculator is at IRS.gov on the web.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Nevada sees record jump in COVID-19 cases

Nevada reported over 3,000 for the first time on Wednesday as travel ramps up across the country during the holiday season.

Child porn suspect arrested

A Pahrump woman was arrested following a child porn investigation.

Pahrump man faces animal abuse charges

Nye County Sheriff’s Office deputies and animal control officers are investigating two reports of alleged animal abuse.

Community Thanksgiving event offering free holiday meals

Tomorrow is Thanksgiving Day and for the Pahrump Holiday Task Force, it’s going to be a busy one as the committee prepares, packages and distributes hundreds of free Thanksgiving dinners, complete with traditional turkey and tasty trimmings.

Recall effort comes to a close in Nye County

November is coming to a rapid close and with its December 3 deadline looming, Battle Born Patriots is wrapping up its effort aimed at recalling Nevada Governor Steve Sisolak.

GOED project will connect tech firms to grant programs

The Governor’s Office of Economic Development has expanded a program statewide through Nevada’s two universities to help technology entrepreneurs earn federal grant funding to support early-stage development of their businesses or innovations.

Sisolak taps Gibson for Gaming Control Board

Gov. Steve Sisolak has announced the appointment of J. Brin Gibson to the Gaming Control Board and designated him to serve as the new chair and executive director. Gibson will fill a vacancy left after the departure of Sandra Douglass Morgan and took over as of Nov. 18.

More than $28 milllion in unclaimed property returned

Nevada State Treasurer Zach Conine on Thursday announced the return of more than $28.5 million in unclaimed property to Nevadans by the Treasurer’s Office Unclaimed Property Division.

Gaming win down by double-digit percentages for 8th straight month

Gaming Control Board numbers show Southern Nevada casinos faring worse than their northern counterparts with significant declines on the Strip and in downtown Las Vegas.