(LO3) Carole and Luiz owe $18,500 in tax liability with their 2023 tax return due on April...
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(LO3) Carole and Luiz owe $18,500 in tax liability with their 2023 tax return due on April 15, 2024. They filed their return, but unfortunately, they were not able to pay their liability until July 1, 2024. Assume that the federal short- term interest rate is 4%. How much will the IRS assess Carole and Luiz for interest and penalties?
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Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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