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The Water Cooler
General Discussion
IRS penalty for shortfall of withholding
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<blockquote data-quote="Hawgman" data-source="post: 4190176" data-attributes="member: 7676"><p>I don’t own a business, personal tax only. Haven’t under paid in several years. This provision has been around quite a while. There is more to it. It’s not like you under pay by several hundred one year and they hit you with a penalty. Things change over time, of course. But, I under paid about 3 or 4 years running, anywhere from several hundred to 2k and there were no extra charges. Tax guy told me what triggers it but don’t remember the details. I remember it was kind of egregious, like the sort of thing I’d never do so I quit thinking about it. Still a crock though.</p></blockquote><p></p>
[QUOTE="Hawgman, post: 4190176, member: 7676"] I don’t own a business, personal tax only. Haven’t under paid in several years. This provision has been around quite a while. There is more to it. It’s not like you under pay by several hundred one year and they hit you with a penalty. Things change over time, of course. But, I under paid about 3 or 4 years running, anywhere from several hundred to 2k and there were no extra charges. Tax guy told me what triggers it but don’t remember the details. I remember it was kind of egregious, like the sort of thing I’d never do so I quit thinking about it. Still a crock though. [/QUOTE]
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IRS penalty for shortfall of withholding
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