My understanding is unless you pay enough tax each quarter during the year to cover the quarterly income, the IRS can give you a penalty, regardless of the fact that you pad sufficient TOTAL tax by the end of the year.
How does the IRS know exactly when you received the income during the year? I have never seen a place in TT to enter when the income was received. Yes I know you can pay enough based on last year's taxes to avoid the penalty but I still don't understand how the IRS knows at what time the income was earned?
