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WASHINGTON — 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.
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Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying tax laws remain in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making payments and deposits with the IRS, as they are required to do by law.
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The Task Force on Tax Expenditures, a bipartisan group of legislators charged with examining the commonwealth’s tax expenditures, released its report on December 13. Kentucky statute defines a “tax expenditure” as the estimated amount of revenue loss resulting from an exemption, exclusion, or deduction from the base of a tax, a credit against the tax, a deferral of a tax, or a preferential tax rate. The group’s 38-page report mainly consists of the minutes of each of its four meetings, along with six recommendations.
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On Tuesday evening, the Kentucky General Assembly adjourned the special legislative session that began less than 24 hours earlier. Gov. Matt Bevin announced the session at a press conference at 3:45 p.m. on Monday, asking legislators to report to Frankfort that night by 8 p.m.
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“I have learned so much about leadership, presentation skills, and professionalism during my volunteer time; it has served me well and will continue to serve me in the future.”
—Elizabeth Rankin, CPA, owner of ANEW 401K TPA, LLC | Member since 1998
