The IRS is a pay-as-you-go system. If you underpay, you could be liable for a penalty.
An
underpayment penalty applies to all forms of income, not just business income. So, if you made a large stock sale this
year or cashed in retirement or just didn't have enough withholding from a W2
job, you can be assessed a penalty (though in these "one time" income
sources, you very well may qualify for an exception that is discussed below).
The penalty is based off your
taxes during the year. If you don't have enough withholding and you
don't make estimated tax payments, then the IRS or your state can charge
you with an underpayment penalty when you have a balance due at the end of the
year. It is not the same as the interest or penalty the IRS will
charge you for not paying your balance due on time (by April 15th this year).