Irs 2210 2023-2024 Form

Instructions and help about irs underpayment penalty rate

going over IRS form 2220 underpayment of estimated tax by corporations so in this video we'll go over the form itself and then we'll go over schedule a of this tax form in a separate video so just like individual taxpayers corporations are expected by the IRS to pay estimated tax throughout the tax year and under certain circumstances a corporation or a trust or a tax exempt organization may have to complete IRS form 2220 just to either verify that they do not owe an underpayment of estimated tax penalty or to calculate the penalty and add that to their tax return so there are four parts of the tax form itself there's part one which is the required annual payment there's part two which is reasons for filing part three which is calculating the underpayment and then part four which is figuring the penalty itself so uh in in corporate tax returns the IRS prescribes uh an interest rate schedule based on the amount of underpayment and the quarter in which the tax is eventually paid and then