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There are many ways that individuals can be subject to IRS tax penalties. The point of this column is to identify some of these penalties and show you how to minimize them.

In 2023, the IRS assessed approximately $7 billion in tax penalties. The average penalty was $500, which was significantly more the the average penalty in recent previous years.

Many retirees are assessed penalties because they fail to make estimated tax payments that are sufficient. For example, according to Forbes, estimated tax penalties increased by 24% from 2017 through 2022.

Most employees, during their working years, have taxes withheld from their paychecks. After they retire, many find it more difficult to estimate the minimum amount of required estimated tax payments when income varies significantly during retirement. As a result, when they fail to make sufficient estimated tax payments, they are faced with penalties.

One reason for the spike in penalties a few years ago is that the Federal Reserve raised interest rates beginning in 2022. As a result, many savers made higher interest income, and some failed to prepay enough taxes to cover the unexpected boon. Other retirees get into trouble by selling securities at a gain and failing to prepay the taxable gains. read more

By MAE ANDERSON, AP Business Writer

NEW YORK (AP) — Government officials are getting closer to ironing out a refund process for the hundreds of thousands of companies that paid tariffs now deemed illegal.

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In a filing with the Court of International Trade on Friday, Brandon Lord, executive director of U.S. Customs and Border Protection’s trade policy and programs directorate, said the CBP is working on a new system that will simplify the process. He said it should be ready in 45 days and require “minimal submission from importers.”

The filing comes after a judge on Wednesday ordered the government to start paying back all importers the illegal tariffs they paid — with interest. Judge Richard Eaton of the U.S. Court of International Trade wrote that “all importers of record’’ were “entitled to benefit’’ from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA). read more

By E. EDUARDO CASTILLO

KUNSHAN, China (AP) — A glimpse of what the future of flying taxis might look like can be seen in this southeastern Chinese city.

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In a hangar in Kunshan, more than about 37 miles west of the port of Shanghai, a sort of gigantic drone was preparing for a demonstration. Called the Matrix, it’s a 5-ton electric vertical takeoff and landing vehicle, or eVTOL, considered the largest electric aircraft built so far, at least in China.

The Chinese company AutoFlight, founded in 2017, developed the Matrix, which can carry up to 10 passengers. It has about a 66-foot wingspan, and is 56 feet long and 11 feet tall. It can travel for an hour without charging. read more

By DEE-ANN DURBIN, AP Business Writer

Beyond Meat is dropping “meat” from its name as it moves beyond the struggling market for plant-based burgers, sausages and tenders and expands into new categories like protein drinks.

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The company, rebranded as Beyond The Plant Protein Co. — or simply Beyond on its packaging — changed its website and social media channels this week. Beyond introduced its first beverage, a sparkling protein drink called Beyond Immerse, in January and plans to release a protein bar this summer.

The refresh could be critical for the brand. U.S. sales of plant-based alternatives to meat are flagging and have dragged Beyond down with them. The company’s net revenue dropped 14% in the first nine months of 2025. Its shares have been trading below $1 since the start of this year. read more

A revamped version of a congressional NASA authorization act moving through the U.S. Senate would add two more years of life to the International Space Station among a slew of new directives for the nation’s space agency.

The NASA Authorization Act of 2026 passed the Senate Commerce, Science & Transportation committee with bipartisan support Wednesday, setting up a full vote in the chamber.

Spearheaded by chairman Sen. Ted Cruz, R-Texas, the 200-plus page document spells out what Congress expects NASA to do with itself in the coming years and builds on previous NASA authorization bills. A final version would need to also be passed by the U.S. House and signed by the president.

Among the major shifts in the bill is extending the life of the space station from 2030 to 2032, giving the agency time to ensure a commercial replacement is in place before the current plan to deborbit the station and have it burn up in Earth’s atmosphere.

“It is the intent of Congress to ensure an orderly transition from the ISS to commercial low-Earth-orbit destinations without a gap in continuous United States human presence in low-Earth orbit.” read more