Liberty Tax Offers Free Amendments For Taxpayers

by Liberty Tax Service - March 28, 2019

Liberty Tax Offers Free Amendments For Taxpayers Who Filed 2018 Federal Returns and Paid Underpayment Penalty

Fort Collins, CO. (March 28, 2019) – Liberty Tax said today that it will review and amend 2018 federal tax returns for free for taxpayers who filed and paid an underpayment penalty before new IRS rules were enacted to lower the underpayment threshold.

Taxpayers who underpay their taxes during the year can be assessed a penalty when they file their tax return. In past years, taxpayers were assessed the penalty if they paid less than 90 percent of the taxes owed. Because of tax reform, the IRS changed the threshold in January to 85 percent. The IRS changed the threshold again in late March to 80 percent.

Liberty Tax swiftly updated its software to match the new underpayment penalty. However, taxpayers who already have filed their 2018 federal taxes and who were assessed an underpayment penalty likely have overpaid and are due a refund.

“This change is welcome for many taxpayers, especially those who were caught off guard by the new withholding rates under tax reform and were assessed the underpayment penalty,” said John Lopez of Liberty Tax, Fort Collins. “Now we can review their return and file the necessary paperwork to get them a refund – all at no charge to the taxpayer.”

To visit your local Liberty Tax office in Fort Collins, call 970-206-1040 or visit 1101 W. Drake Road, Ste A-2, Fort Collins, CO 80526 or Liberty Tax Fort Collins. Liberty Tax does take appointments, but they are not necessary.

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