Joan filed her unextended 2014 tax return on November 15, 2015, paying the $ 5,000 amount due at that time. Joan has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2015. Compute the failure-to-pay and failure-to-file penalties.
Answer to relevant QuestionsThe elements of tax practice fall into what major categories in addition to tax research? Describe the civil fraud penalties, the definition of fraud, and the all-or-nothing rule for civil fraud. What are the differences in individual and corporate penalties for failure to make adequate estimated payments? What ...White Corporation estimates that its 2015 taxable income will be $ 800,000 and its tax liability will be $ 272,000. For each of the following independent cases, compute the minimum quarterly estimated-tax payments that will ...Chang wants to claim a cost-recovery deduction for the acquisition of original artwork to be hung in the reception area of her dental office. The paintings were specially chosen because of their tendency to relax the ...What are the statutes of limitations for the IRS and taxpayers? Why did Congress create them? When can they be shortened, extended, or suspended?
Post your question