Trudy’s AGI last year was $ 200,000. Her federal income tax came to $ 40,000, which she paid through a combination of withholding and estimated payments. This year, her AGI will be $ 300,000, with a projected tax liability of $ 60,000, all to be paid through estimates. Ignore the annualized-income method. Compute Trudy’s quarterly estimated-payment schedule for the year, assuming that she wants to make the minimum necessary payments to avoid any underpayment penalties.
Answer to relevant QuestionsIn 2011, the IRS finalized regulations requiring that tax return preparers who prepare all, or substantially all, of a federal tax return (for compensation) be subject to new requirements. Discuss these requirements. Why do ...A practitioner cannot give written advice under Circular 230 § 10.37 in which situations? Kold Corporation estimates that its 2015 taxable income will be $ 900,000. Thus, it is subject to a flat 34 percent income tax rate and incurs a $ 306,000 tax liability. For each of the following independent cases, compute ...Blanche Creek has engaged your firm because she has been charged with failure to file her 2013 federal Form 1040. Blanche maintains that the “reasonable cause” exception should apply. During the entire tax-filing season ...Duane paid his 2010 federal income taxes in January 2013 in the amount of $ 10,000, and then paid $ 4,000 interest and penalties on this amount in May 2014. In April 2016, Duane filed a claim for refund of the $ 14,000, as a ...
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