IRS issues warning to taxpayers: ‘modify withholding now or face surprise later’

The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2024 withholding so as to either avoid effectively giving the government an interestfree loan of their money or face the prospect of penalties and interest if too little tax is withheld. The IRS said on Nov. 3 that with the end of the year fast approaching, taxpayers should review their tax…