Underpayment Penalty Relief
On January 16, 2019, the IRS issued some relief from the penalty for underpayment of estimated income tax. Individual taxpayers who paid at least 85% of their total tax liability during the year through federal income tax withholding or quarterly estimated tax payments or a combination of the two will not be subject to the underpayment penalty. Prior to this relief, under Sec. 6654(d)(1)(B), the required annual income tax payment an individual taxpayer is required to make is