IRS Penalty for Underpayments Soars to 8% – Gig workers and Consultants at Risk
The Internal Revenue Service penalty for tax underpayments has nearly tripled since 2021, putting gig economy workers and consultants at the largest risk of having to cough up big bucks to Uncle Sam. As of Oct. 1, the IRS will now charge 8% interest on estimated tax underpayments, up from 3% two years ago, according …
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