Maureen, a calendar year individual taxpayer, files her 2016 return on November 4, 2018. She did not

Question:

Maureen, a calendar year individual taxpayer, files her 2016 return on November 4, 2018. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $15,000.
a. What are Maureen's penalties for failure to file and to pay?
b. Would your answer to part (a) change if Maureen, before the due date of the return, had retained a CPA to prepare the return and it was the CPA's negligence that caused the delay? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

See More Books

Question Posted: Jan 30, 2018 08:39 AM

See More Questions

Maureen, a calendar year individual taxpayer, files her 2014 return on November 4, 2016. She did not obtain an extension for filing her return, and the return reflects additional income tax due of...
Maureen, a calendar year individual taxpayer, files her 2012 return on November 4, 2014. She did not obtain an extension for filing her return, and the return reflects additional income tax due of...
Maureen, a calendar year individual taxpayer, files her 2018 return on November 4, 2020. She did not obtain an extension for filing her return, and the return reflects additional income tax due of...
Miami Tropical stock has a beta of 1.25. The risk-free rate of return is 4.34 percent and the market risk premium is 9.02 percent. What is the expected rate of return on this stock? 10.23 percent...
A force F1 acts vertically downward on the Z-bracket. Determine the moment of this force about the bolt axis (z axis), which is directed at angle θ from the vertical. Given: F1 = 80 N a = 100...
Figure 6.40 shows the oxygen consumption rate of men walking and running at different speeds. The vertical axis shows the volume of oxygen (in cm3) that a man consumes per kilogram of body mass per...
In a random sample of 600 cars making a right turn at a certain intersection, 157 pulled into the wrong lane. Test the null hypothesis that actually $30 \%$ of all drivers make this mistake at the...
Shown below is an income statement for 2010 that was prepared by a poorly trained bookkeeper of Howell Corporation. Howell Corporation INCOME STATEMENT 31-Dec-10 Sales revenue ........................
Consider a rectangular wing mounted in a low - speed subsonic wind tunnel. The wing model completely spans the test section so that the flow sees essentially an infinite wing. If the wing has an NACA...
A grocery store uses a fixed order cycle policy for ordering the paper towels it sells to the stores customers. Demand for the paper towels is normally distributed with a mean of 50 rolls per day and...
Olivia, a calendar year taxpayer, does not file her 2017 Form 1040 until December 12, 2018. At this point, she pays the $40,000 balance due on her 2017 tax liability of $70,000. Olivia did not apply...
Troy predeceases his wife, Nell. Under his will, his estate is placed in trust, income for her life to Nell, remainder to his children. Regarding any marital deduction allowed to Troy's estate,...
Jerry Tanner, CEO and a major stockholder of Tanner Company, was unhappy with its operating results in 2010. The company manufactures two environmentally friendly industrial cleaning machines used...
How many edges are in a complete directed graph with N vertices?
Explain the phrase life-cycle verification.
7. 1. Explain the difference between an array-based and a linked representation of a list. 2. Give an example of a problem for which an array-based list would be the better solution. 3. Give an...
The order of an algorithm that decrements every element in a three-dimensional table of N rows. 1. O(1) 2. O(logN) 3. O(N) 4. O(N logN) 5. O(N*N) 6. O(N*N*N)
How many edges are in a complete undirected graph with N vertices?
You have decided that now is the time to buy a new laptop. List the factors that are important in choosing a new laptop and gather relevant information from various sources about different models on...
Give the structural formulas of the alkenes that, on ozonolysis, give: a. (CH3)2C=O and CH2=O b. Only (CH3CH2)2C=O c. CH3CH=O and CH3CH2CH=O d. O=CHCH2CH2CH2CH=O
How are transactions using Bitcoin (or another virtual currency) treated under U.S. tax law? Some background on Bitcoin can be found at bitcoin.org/en/faq. Locate the current IRS guidance on this...
How are transactions using Bitcoin (or another virtual currency) treated under U.S. tax law? Some background on Bitcoin can be found at bitcoin.org/en/faq. Locate the current IRS guidance on this...
On February 1 of the current year, Duffy learned that he was bequeathed 1,000 shares of common stock under his fathers will. Duffys father had paid $12,500 for the stock 20 years ago. Fair market...
Recently, there has been a resurgence in labor union organization and a subsequent increase in union membership across the United States. What can today's labor unions learn from their past 140-year...
). Prove by contraposition: "Vm, ne Z, if m -n is even, then m - n is even (15 points)
The production function is Y = AKL-a (1) where L is labor at time t, K, is capital at time t, A, is TFP at time t and a (0, 1). The law of motion for capital is K = 8Y-8K Assume that TFP evolves...

Maureen, a calendar year individual taxpayer, files her 2016 return on November 4, 2018. She did not

Question:

Step by Step Answer:

a Failure to pay penalty 5 15000 19 months 1425 Plus Failure to file ...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

Students also viewed these Business Law questions