This content presents tax information for general information purposes only, and should not be construed as tax advice on any specific facts or circumstances. Online readers should not act upon this information without seeking professional counsel. Peter Ellner Associates assumes no responsibility for the accuracy or timeliness of any information provided herein.
Under Section 6662 of the Internal Revenue Code, an accuracy-related penalty may be imposed on an underpayment of tax unless it can be shown that there was a reasonable cause for the underpayment and the taxpayer acted in good faith with respect to the underpayment.