1099-Misc -> how to avoid SE ?

snipped-for-privacy@gmail.com wrote: Re a certain high-profile someone failing to pay SE taxes and whether he faced an IRS penalty beyond interest:

Statement by Daniel Shaviro, a professor of taxation at New York University School of Law, as quoted in the 2/2/09 NY Times: "Internal Revenue Code section 6662 requires taxpayers to pay a 20 percent penalty for any underpayment of tax that reflects negligence or disregard of rules or regulations. The I.R.S. waived penalties for Mr. Geithner, and there?s no indication that Mr. Daschle will be penalized."

I am not trying to imply anything here. For all I know the IRS rarely imposes penalties unless it is extraordinarily crystal clear there was negligence or disregard of rules or regs. Rather, this post is to get facts out.

Reply to
honda.lioness
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As long as it's assessed within three years.

Stu

Reply to
Stuart A. Bronstein

True. I assumed that, else he wouldn't have had to pay a cent, yet he has been making payments.

Reply to
D. Stussy

The later years were assessed in time. The earlier years weren't.

Seth

Reply to
Seth

Then why did he make any payments?

Reply to
D. Stussy

Politics. Congress could refuse to confirm him for any (or no) reason.

Seth

Reply to
Seth

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