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News & Press: State Tax News

UPDATED: UND extension for farmers and fishermen

Friday, March 22, 2019  
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submitted by Jackie Hovey of the Oregon Department of Revenue  Jackie.HOVEY@oregon.gov

UPDATE: On March 22, 2019, the IRS announced that it has expanded this waiver to taxpayers who paid at least 80 percent of their total tax liability during the year through withholding, estimated payments, or a combination of both. Oregon is offering the same waiver. The instructions are the same as those we announced earlier this year, using 80 percent in the calculation instead of 85 percent. See the highlighted changes to the instructions below.

In January, the IRS announced they'll waive the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments, or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty. Taxpayers must request the waiver from the IRS using Form 2210.

The Oregon Department of Revenue is offering a similar waiver of underpayment interest, known as UND, for the 2018 tax year. This is to help taxpayers who were unable to properly adjust their withholding and estimated tax payments to account for the impact of the changes under the federal Tax Cuts and Jobs Act on Oregon taxes. The Oregon waiver is available for individuals whose total withholding and estimated payments made on or before January 15, 2019 equal at least 85 percent, instead of the usual 90 percent, of the net tax shown on their 2018 return.


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