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.