Bob, a calendar year taxpayer, files his current year individual return on July 17 of the following
Question:
Bob, a calendar year taxpayer, files his current year individual return on July 17 of the following year without having requested an extension. His return indicates an amount due of $5,100. Bob pays this amount on November 3 of the following year. What are Bob’s penalties for failing to file and failing to pay his tax on time? Assume Bob committed no fraud and that any penalty period begins on April 16.
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Failuretopay penalty 005 x 5100 x 7 months 179 Failuretofile penalty 05 x 5100 x 4 mo...View the full answer
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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