IRS More Than Doubles Tax-Underpayment Penalty

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 7 December 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Americans who’ve underpaid their taxes could face a hefty bill from the IRS, which recently raised the penalty from 3% to 8%. WSJ personal-finance reporter Ashlea Ebeling joins host J.R. Whalen to discuss ways people can better manage their tax payments. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:18.0	Geographic restrictions and Ties and C's apply 18 plus.
0:20.0	Here's your money briefing for Thursday December 7th. I'm J. R. Whelan for the Wall Street Journal.
0:28.0	For many people keeping up with their tax payments is made easy by their employer
0:35.1	deducting taxes from each paycheck. But others who fall behind on their
0:39.4	payments are in for a rude surprise. The IRS has increased the penalty for underpayment of taxes to 8%.
0:48.0	The penalties could actually run in the hundreds or even thousands of dollars.
0:51.8	The IRS assessed more than 1.8 billion dollars in these penalties
0:56.0	on nearly 12.2 million individual returns in fiscal year 2022. So that's a lot of people.
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	...

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