Your position is certainly how things have been for the last 15 years or so. Recently, the IRS is more apt to provide penalties and pretty high interest for pe

Your position is certainly how things have been for the last 15 years or so. Recently, the IRS is more apt to provide penalties and pretty high interest for perceived underpayment and its your task to prove "good faith" after you've coughed up the fees. This can get costly. Additionally, the IRS doubled its auditors in 2010. Best to ensure your 2555 exemption stays tight as there are few other rocks to hide under these days for anyone but the very wealthy.