In the government’s 2016 fiscal year, more than 10 million individuals paid estimated tax penalties. This compares with 9.6 million in the previous year, and 8.9 million in FY 2014. Possible reasons for the increase: growth in gig workers unaware of estimated tax obligations and the low penalty rate (leading some to postpone tax payments).
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.