IRS Provides Guidance Re Addition to Tax Penalties

According to e-mailed advice from the IRS, the failure to pay addition to tax under section 6651(a)(2) applies to unpaid amounts showing due on the return as originally filed. An addition to tax is calculated from the payment due date, which is generally the same as the due date for filing the return without regard to extensions of time for filing.

Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal.