Describe how the underpayment penalty is calculated

Reference no: EM13906087

1. What are the consequences of a taxpayer underpaying his or her tax liability throughout the year? Explain the safe-harbor provisions that may apply in this situation.

2. Describe how the underpayment penalty is calculated.

3. What determines if a taxpayer is required to file a tax return? If a taxpayer is not required to file a tax return, does this mean that the taxpayer should not file a tax return?

4. What is the due date for individual tax returns? What extensions are available?

5. Describe the consequences for failing to file a tax return and for paying tax owed late.

Reference no: EM13906087

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