Question

Why is this so​ important?

A.

The taxpayer liable will have to make the quarterly estimated tax payments for the following year.

B.

In the event of underpayment of taxes on a joint return the IRS can collect the unpaid taxes from either spouse.

C.

The taxpayer liable will lose his or her personal exemption for the current year.

D.

The taxpayer liable will lose his or her standard deduction for the current year.

Answer 1

A. The taxpayer liable will have to make the quarterly estimated tax payments for the following year in a form of assurance and a prepaid tax to the government.

B. In the event of underpayment of taxes on a joint return, the IRS can collect taxes from either of spouse because they are filing jointly and either of them are responsible in payment of the taxes.

C. If the taxpayer is liable he won't lose his personal exemption except in case of default.

D. If the taxpayer is liable he won't lose his standard deduction for the current year except in case of default in paying the taxes.