Penalty is reduced in installment plan.

Investment News, September, 2000

* The Internal Revenue Service has issued final regulations (TD 8895) extending the due date for information returns filed electronically. Those regulations also reduce penalties for individuals who have agreed with the IRS to make installment payments to satisfy a tax liability. The regulations extend to March 31, the annual filing deadline for taxpayers who file information returns online.

The stated purpose of this regulation is to encourage those taxpayers who would normally be required to file information returns by Feb. 28 to tile electronically instead. Information returns for the extension include Forms W-2, W-2G and W-3; the Form 940 series for employment taxes; Form 1098 for mortgage interest; the Form 1099 series; and Form 8027 for tip...

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