SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Students have asked these similar questions
John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April
1, 2022, John had received a six-month extension of time in which to file his return. He has no reasonable cause for
failing to file his return by October 15 or for failing to pay the tax that was due on April 15. John's failure to comply
with the tax laws was not fraudulent.
Compute the failure to pay and failure to file penalties for John.
Failure to pay penalty: $
X
Failure to file penalty: $
X
Ms. Schmidt didn't request an extension of time to file a 2022 income tax return and didn't mail the completed return to the IRS until
August 8, 2023. Ms. Schmidt enclosed a check for $2,610, the correct balance of tax due with the return.
Required:
a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment
penalty.
b. Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
Complete this question by entering your answers in the tabs below.
Required A Required B
Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-
payment penalty.
Late-filing and late-payment penalty
< Required A
Required B
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