A surging IRS tax penalty is costing Americans billions - here's how to avoid being hit

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A surging IRS tax penalty is costing Americans billions - here's how to avoid being hit

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A surging IRS tax penalty may soon cost some Americans billions of dollars. Thousands of Americans who pay their income taxes quarterly instead of through paycheck withholding could face a major increase in penalties for underpayments. There are ways to avoid being hit - but with second-quarter payments due on June 17, affected taxpayers need to take immediate action. 'These charges can hit hard, so getting it right can save people hundreds or even thousands of dollars a year,' Richard Pon, a CPA in San Francisco told The Wall Street Journal.
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