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 ?
After the audit program's administrative costs, underpayments paid to providers, and appeal reversals, the Medicare Recovery Audit Program returned approximately $1.
Issues: The interest rate charged by the IRS on taxpayers' underpayments is higher than the interest rate received from the IRS on overpayments.
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.
Jana Howard, assistant director of the FTB's legislative services bureau, detailed some 2005 bills affecting the profession, including AB 115, the federal conformity bill; AB 911, the amnesty clean-up bill; and SB 14, which provides an exception to the estimated tax underpayment penalty that results when a law change retroactively increases a taxpayer's estimated tax payment.
Lawsuits filed under the False Claims Act by the Project on Government Oversight (POGO) along with two government whistleblowers forced Arco, Mobil and other oil companies to pay the federal government more than $438 million to settle royalty underpayment claims relating to drilling on federal property.
When POGO used the FCA to file suit in 1996, they asked Bob Berman and Bob Spier, another government worker who had blown the whistle on oil royalty underpayments, if they wanted to join in the suit.
A taxpayer who underpays his or her taxes is required to pay interest on the underpayment at a rate equal to the Federal short-term interest rate plus three percentage points.
We are confident that we can begin to close the gap on possibly missed underpayments by partnering with Apollo.
Underpayments and overpayments between a pre-merger acquired corporation and the post-merger surviving corporation.
6621, to the extent interest is payable on underpayments and allowable on overpayments for an overlapping period by "the same taxpayer," the net rate of interest on the underpayment and overpayment amounts is zero for that overlapping period.