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Form 2220 Online DE: What You Should Know

Form 2220 AL 2016. The Form 2220AL will be filed with the Internal Revenue Service (IRS).   Guidance for Corporate Subcontractors — In most cases, the subcontractor is required to file and pay estimated taxes as if it were the owner or the partner of the corporation.   Additional Entitlements for Qualifying Organizations— If the underpayment is in excess of 500, you have two options: a. You can file Form 2220AL in lieu of filing another tax return and file Form 2220AL. b. Alternatively, you can have the underpayment offset against compensation. If you choose option c, please consult a local tax professional, and a Form 2220AL must be filed with Form 706 for this offset. Underpayment of Estimated Taxes by Corporations—What is the Penalty? The penalty for underpayment of estimated taxes by corporations is a fine equal to 25 percent of the tax due. The penalty is assessed for the period from the due date of the return. This is not the end of the penalty — you can have the penalty assessed at any time, not just for the period between the two due dates. The penalties are assessed for every return where the underpayment is made and every return where the underpayment is not made. Penalties also can accumulate and can be assessed when you owe more tax than you actually have. Penalties are assessed for any return or claim included in this filing. For example, for a return including the tax due and amount not paid, the penalty may be assessed for any claim that is not included. (Notable exceptions include underpayments of estimated taxes by an employee or a partnership or the underpayments of tax by a business trust). This includes a return that includes the tax due and an underpayment by a corporation, trust or partnership, and an underpayment by any other person. (This does not apply to returns of partnerships that file the corporation's return, such as partnerships that are filed separately or have separate tax accounts that are filed separately.) Penalties are assessed to be paid within 60 days of a return filed. The time period does not start until the return is filed, and penalties cannot be incurred for late payment. Penalties may be offsetable by the underpayment of tax.

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