Underpayment


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Underpayment

The act of paying an amount under the full amount. For example, if one's mortgage payment is $600 per month but one only pays $400 for July, one has underpaid the mortgage. Underpayment is not sustainable and may lead to serious financial difficulties. However, paying what one can afford when one cannot pay the full amount may be easier for both the obligor and the obligee.
References in periodicals archive ?
Under both versions of the penalty, taxpayers have claimed that the IRS cannot apply the penalty to an underpayment if a taxpayer concedes that the deduction that caused the underpayment should be disallowed for some reason other than a valuation misstatement.
It is now likely to be written off if it's over two years - we're not looking at underpayments beyond two years.
Another NZNO member in aged care, who is also a new migrant, has identified multiple underpayment issues, which she has well documented through letters sent to her employer and copies of the replies.
But consumer watchdog Postwatch warned yesterday that this Christmas recipients could be liable for any underpayment plus a pounds 1 administration fee.
Effectively managing these details--and the contracts that define them--helps medical groups to decrease underpayments, leading to increased revenue and improved cash flow.
THE SMALL WATCHDOG GROUP that saved taxpayers millions of dollars by exposing oil industry underpayments is being rewarded with a rare Contempt of Congress resolution by oil state lawmakers.
According to Berman, when he finally did find hard evidence of oil companies purposely cheating on oil royalties, Interior issued a report agreeing with him, only to have the report revised and deny any underpayments.
The provision in the restructuring legislation would establish a net interest rate of zero on equivalent amounts of overpayment and underpayment that exist for any period.
Once underpayments are identified, Apollo will provide feedback information to the hospital, which will dramatically improve their managed care payer processes and diminish the number of ongoing managed care underpayments in the future.
Underpayments and overpayments between a pre-merger acquiring corporation and the pre-merger acquired corporation;
Before applying the mechanical test for determining whether an underpayment is deemed substantial, the taxpayer excludes any portion of the underpayment for which (1) there is substantial authority for the treatment of the position, or (2) the position was adequately disclosed in the tax return and there is a reasonable basis for the treatment of the item (Sec.
The underpayment resulted from Magma's separate tax return, while the overpayments resulted from a consolidated group's tax return, the IRS said.