Grassley Welcomes Further IRS Penalty Relief for First Filing Season Since Tax Reform
WASHINGTON – U.S. Senate Finance Committee Chairman Chuck Grassley of Iowa today issued the following statement welcoming further steps from IRS to provide penalty relief during the first tax-filing season since the historic passage of the Tax Cuts and Jobs Act of 2017.
“I appreciate Commissioner Rettig’s consideration of bipartisan congressional feedback urging IRS to provide additional penalty relief to taxpayers for this tax-filing season. IRS has done a laudable job updating withholding tables to reflect the changes in tax law. But no withholding table will be 100 percent accurate for all taxpayers. Over the past year, the IRS implemented a campaign reminding Americans to check their withholding to ensure they’re paying the correct amount of tax throughout the year. This further relief for taxpayers is welcome news for taxpayers who weren’t fully prepared and may have been inadvertently under-withheld due to the significant changes made to the tax code following legislative reforms in the last Congress. The Tax Cuts and Jobs Act was the biggest change to the federal tax code in a generation. This is a reasonable approach in the first year after major reforms to allow taxpayers some flexibility to avoid paying unexpected penalties.”
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