The Internal Revenue Service has now come out with three pieces of guidance on the handling of underpayment of estimated tax penalties on 2018 tax returns, each new piece of guidance progressively more helpful to taxpayers. The first guidance, Information Release 2019-03, issued Jan. 16, 2019, before the beginning of tax filing season, lowered the usual threshold for avoiding the underpayment penalty from 90 percent to 85 percent of the 2018 tax liability.
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