IRS Launches New “Tax Withholding Estimator”

Monday, September 2, 2019

The IRS has launched the “Tax Withholding Estimator,” an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. It replaces the former IRS Withholding Calculator, and offers workers, retirees, self-employed individuals and other taxpayers, a more user-friendly step-by-step tool for effectively tailoring the amount of income […]

IRS Unveils Updated Draft 2020 Form W-4

Monday, September 2, 2019

The IRS has released an updated, newly named draft Form W-4 for 2020. Once finalized, the revised form is expected to become effective on January 1, 2020. Evolution of the W-4Following enactment of the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), a revised version of IRS Form W-4 was originally released in 2018 for […]

Draft 2019 Form 1040 and Form 1040-SR Released

Monday, September 2, 2019

The IRS has recently released an updated draft 2019 Form 1040, U.S. Individual Income Tax Return, with fewer schedules than the 2018 form. The draft of the widely-used return is the second major overhaul of the form in as many years, though the changes for 2019 are much less drastic than they were for the […]

Estimated Tax Penalty Automatically Waived for Some Taxpayers

Monday, September 2, 2019

The IRS announced that it will automatically waive the estimated tax penalty for more than 400,000 eligible taxpayers who have already filed their 2018 federal tax returns but did not claim the waiver. The IRS will apply this waiver to tax accounts of all eligible taxpayers. On January 16, 2019, the IRS reduced the usual […]

IRS Updates Premium Tax Credit Table, Required Contribution Percentage

Monday, September 2, 2019

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning after 2019. The percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage. For plan years beginning in 2019, the required contribution percentage under Code Sec. […]