How much is the penalty for underpayment of income taxes?

Answer United States law requires corporations, citizens and resident aliens to pay taxes depending on their level of income. The Internal Revenue Service (IRS) will penalize you for nonpayment or underpa... Read More »

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Penalty for Underpayment of Estimated Taxes?

A taxpayer, or the taxpayer's employer, must send in tax payments throughout the year, and the taxpayer calculates the actual tax liability the next year. The taxpayer has to estimate the amount of... Read More »

Statute of Limitations for Non-Filing or Underpayment of Taxes?

For any year you underpay your federal income tax or fail to file a tax return, the IRS can levy an array of penalty and interest charges as well as some pretty severe collection procedures. Also, ... Read More »

What is the penalty for underwithholding taxes?

The Internal Revenue Service generally lets individuals determine the amount of taxes that are withheld from their paychecks. If at the end of the year the taxes withheld are not sufficient to cove... Read More »

What is the penalty if i did not file my taxes?

It may seem innocuous to simply not file your taxes by the deadline and continue to let it slide for a while longer. However, the state and federal authorities take this choice very seriously and h... Read More »