High Point, North Carolina
1321 Long St
High Point, NC 27262

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 January 17, 2019

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018, High Point, North Carolina

The IRS announced yesterday in a Tax Advisory that it has waived the penalty for those who may have not withheld enough income tax or made estimated payments that fell short of their tax liability for 2018. According to the Advisory, “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.” Click on our blog for more details on this waiver announcement. 


If you have any questions about how this waiver may affect you or any other concerns about changes to your individual or business taxes brought about by the TCJA, call your tax advisor at Sharrard, McGee & Co., PA. You can reach us at (336) 884-0410 in High Point and (336) 272-9777 in Greensboro. 


Other Announcements, Events and Deals from Sharrard, McGee & Co., PA
IRS Warns Taxpayers to Avoid Illegal Schemes, High Point, North Carolina
As the IRS continues to share its “Dirty Dozen” list of the most prevalent tax scams to avoid this season, the most recent Taxpayer Advisory focuses on schemes involving falsifying i...read more
Identity Theft Less Common But Still on the IRS' "Dirty Dozen" List, High Point, North Carolina
It’s good news to learn that thanks to cybersecurity advances there has been a significant reduction in identity theft. However, the IRS warns taxpayers not to get complacent and inc...read more
Sharrard, McGee & Co., PA Greensboro Office Wins ACC Tournament Luncheon, High Point, North Carolina
Congratulations to our own SMC Greensboro office team for being nominated by Maggie Dunn and selected by the North Carolina Association of Certified Public Accountants (NCACPA) as a ...read more
This Tax Season's "Vishing" Scam , High Point, North Carolina
Every year the IRS publishes it’s “Dirty Dozen” list of the twelve most prevalent tax scams and provides details in a series of Tax Advisories. We share these warnings in our blogs, ...read more
Are Personal Injury Settlements Taxable?, High Point, North Carolina
Personal injury settlements tend to be sizable. Even minor injuries can cost thousands to treat, and once you take into account lost wages, the damages can quickly amount to tens of ...read more