The IRS can be expected to assess the underpayment penalty if it applies based on the information in your tax return and your IRS account about your income and payments. If you receive a penalty notice from the IRS, you can respond with your reason for having the penalty abated. Form 543 is used to submit requests for penalty abatement after the penalty is assessed.
Form 1040X is designed to report changes to tax.
The IRS charges underpayment interest when you don't pay your tax, penalties, additions to tax or interest by the due date of the tax or penalty.
If you receive a notice for the underpayment penalty, you will not be charged interest on the amount shown for the penalty if you pay the amount owed in full on or before the "pay by" date.
@vasile1
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
