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Form 2220 for Tallahassee Florida: What You Should Know

The penalty for an underpayment of estimated tax is equal to the excess of the estimated tax over the amount of the tax for the period for which the tax is not actually paid. The penalty applies to the taxable year (month of June). If you make a payment after the due date and before the tax is paid, the penalty is the amount of the payment less the allowable tax credit for the underpayment. Underpayment penalties on corporations generally increase each month. If you are unable to pay an underpayment of estimated tax on a corporation, you may call during regular business hours to contact us immediately. If you are unable to pay an underpayment of estimated tax after the due date and before the tax is paid, please do not file a corporate tax return, and you will receive a Letter of Understanding or the IRS will begin collection on your tax. You agree to pay the estimated tax due to the IRS after receiving a Letter of Understanding. The penalty for filing a fraudulent tax return is the amount of the tax that is underpayment, plus interest. Penalties do not apply, however, if the taxpayer files a Form 4506, Filing and Payment Agreement (Form 2506, Information Return and Affidavit of Tax Due), or any other agreement with the IRS to show that the tax was underpaid over a period of up to six months. A Form 4506 or an agreement with the IRS for underpayment or an agreement with the IRS to show that the tax was overpaid is sent to the taxpayer's last known address. If there are no returns that the taxpayer has filed or an agreement to show an underpayment, the Form 4506 or the agreement is not received. Note: For more information on filing fraudulent tax returns for payment of overpayments, see Form 941, Fraudulent Return, or call the Taxpayer Information Line at or 1-800-TAX-FORM (). If taxpayers are unable to pay an underpayment of estimated tax, they must first contact their local IRS office, either by phone or in writing. If a taxpayer is unable to make a payment to avoid penalties or interest, the IRS may be able to collect the taxpayer's overpayment(s), through penalties, collection agents, and/or collection credits. Taxpayers who owe estimated tax penalties may be required to make monthly or quarterly payments on their overdue tax.

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