If you underpaid estimated taxes for 2019 (not 2020) because of anticipating having a lower required annual estimated tax payment due to an NOL carryover attributable to the excess business loss limit for noncorporate taxpayers (e.g., owners of LLCs and S corporations), the IRS is waiving a related underpayment penalty. However, the IRS is not waiving any penalty attributable to CARES Act changes to NOL carrybacks. If you had losses, be sure to consult your tax adviser to determine if you qualify for penalty relief. #IdeaoftheDay
