IRS’ W-4 Grace Period Offer Ends Monday
WASHINGTON — Taxpayers who fail to file a new W-4 tax-withholding form by midnight Monday will miss out on the Internal Revenue Service’s grace period from penalties.
Wage-earners have until Oct. 1 to file a 1987 W-4 tax-withholding form, but, if they do so by midnight Monday, they will not be penalized by the IRS if they fail to prepay at least 90% of their tax bill, an IRS spokesman said.
Those who file after June 1 but before Oct. 1 will be within the law for filing the form, but, if they fail to withhold enough taxes, the IRS can assess penalties.
The IRS earlier this year announced that, because of the confusion over the new W-4 form, it would waive penalties for taxpayers who made a “good faith” effort to get their withholding right and filed it by June 1.
The new W-4 forms were required because of the tax-overhaul law, which went into effect on Jan. 1.
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