Important
|
For information call now:
(347) 989-4566
|
|
Additional information
|
Internal Revenue Service
Austin Service Center
ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
IN
1-800-829-1040
|
|
|
Accuracy-Related Penalty
You may have to pay an
accuracy-related penalty if you underpay your tax because:
� You show negligence or disregard of rules or regulations,
� You substantially understate your income tax,
� You claim tax benefits for a transaction that lacks economic substance, or
� You fail to disclose a foreign financial asset.
The penalty is equal to 20% of the underpayment. The penalty is 40% of any
portion of the underpayment that is attributable to an undisclosed noneconomic
substance transaction or an undisclosed foreign financial asset transaction.
The penalty will not be figured on any part of an underpayment on which the
fraud penalty is charged.
|
|
|