Draft directive offers guidance on the Massachusetts underpayment of tax penalty

myStateTaxOffice

The Massachusetts Department of Revenue ("Department") published a draft directive detailing the standards for imposing the penalty for an understatement of tax liability required to be shown on a return. The draft directive also provides how a taxpayer may apply for waiver or abatement of the penalty. Interested parties will have until October 30, 2012, to submit comments. [Working Draft Directive 12-XX, Section 35A Penalty for Underpayment of Tax Required to be Shown on Return, Mass. Dept. of Revenue, 10/5/12]



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