Novice tax question

This is probably a simple question to most of you:

Mutual funds distributions (or sometimes gain from stock sales) are
often not known until the end of the year and these can significantly
increase the tax owed to IRS. What are the IRS policy regarding these
kind of unpredictable gains that lead to underpayment of tax and
penalties? Are we supposed to make a lump sum estimated tax payment in
mid january to make up for it after the final figures are known?
Thanks in advance.

while we are at it, one more question: :-)
When somebody close out a mutual fund account, it seems that the
computation of various gains and taxes are rather complex if the client
has to do it, are all these info recorded and provided by the mutual
fund?

.

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