IRS Launches Special Campaign on Estimated Taxes

IRS launches special campaign on estimated taxes and withholding beginning Sept. 6

Sept. 5, 2018

WASHINGTON — The IRS is launching a special campaign starting Sept. 6 to help specific groups of taxpayers avoid an estimated tax penalty by paying the right amount of tax all year.

This campaign will help wage earners, retirees, small business and self-employed individuals to meet the upcoming Sept. 17 deadline for quarterly estimated tax payments. It will also encourage them to perform a Paycheck Checkup.

Because of the far-reaching tax changes taking effect this year, doing a Paycheck Checkup now may help avoid an unexpected year-end tax bill and possibly a penalty in 2019. The Tax Cuts and Jobs Act, passed in December 2017, made significant changes, which will affect 2018 tax returns that people file in 2019. These changes make checking withholding amounts even more important.

These tax law changes include:

• Increased the standard deduction

• Eliminated personal exemptions

• Increased the Child Tax Credit

• Limited or discontinued certain deductions

• Changed the tax rates and brackets

The IRS is also encouraging partner groups inside and outside the tax community to share this important information with their members and employees. The IRS will also be holding a special web conference on estimated taxes and withholding for tax professionals and industry partners on Sept. 11.

The “Estimated Taxes” campaign will include a series of:

• Tax reform tax tips

• Special news releases this week and next week

• YouTube videos

• Social media efforts about #EstimatedTaxes, including IRS Twitter, Facebook and LinkedIn.

What: IRS “Estimated Taxes” Campaign

When: Sept. 6-11, 2018

Where: Via email distribution; online at IRS.gov/news; Twitter: @IRSnews