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...if the IRS catches any underreported income etc, you will be obligated to pay the tax, interest and any penalties, but you do not need to amend...

Yep, don't bother amending unless you have new solid info and the difference will be in the thousands.

My dad failed to file for several years, and when, years later, I tried to get all that caught up, I sent his CPA all the 1099's etc I could find (or get replacements for), but I knew several were missing. "Just extrapolate," I told her.
Sure enough, her guesses were off by a few hundred dollars, and a couple of years after we filed and paid, the IRS reconciled their records with what had been submitted, and sent bills for the difference, including interest and penalties. The interest & penalties were a lot less than I'd expected. I think they max out at some percentage of the amount due.
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