Joan filed her unextended 2020 tax return on November 15, 2021, paying the $5,000 amount due at
Question:
Joan filed her unextended 2020 tax return on November 15, 2021, 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, 2021. Compute the failure-to-pay and failure-to-file penalties.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
The unextended due date of the return would be April ...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
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...
-
Joan filed her unextended 2017 tax return on November 15, 2018, 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...
-
Compute the failure to pay and failure to file penalties for John, who filed his 2015 income tax return on December 20, 2016, paying the $10,000 amount due at that time. On April 1, 2016, John...
-
On the income statement for the year ending December 31, Y1, the accountant for ABC calculated operating income before taxes of $300,000. This $300,000 did not include the effect of any of the...
-
Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why?
-
Explain how corporations provide limited liability to their owners.
-
Explain, with reasons, whether or not each of the following is a disclosable related party transaction of Alpha Ltd under NZ IAS 24: Alpha Limited stores inventory in a warehouse that is leased from...
-
Chesterfield County had the following transactions. Prepare the entries first for fund-based financial statements and then for government-wide financial statements. a. A budget is passed for all...
-
(a) The Treasury desk of a global bank incorporated in UK wants to invest GBP 200 million on 1st January, 2019 for a period of 6 months and has the following options: (1) The Equity Trading desk in...
-
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alternative to getting an MBA for students wanting a career...
-
Jim received a six-month extension (to October 15, 2021) to file his 2020 tax return. Jim actually filed the return on October 20, 2021, paying the $20,000 amount due at that time. He has no...
-
Kold Corporation estimates that its 2021 taxable income will be $900,000, resulting in a tax liability of $189,000. For each of the following independent cases, compute the minimum quarterly...
-
An aluminum rod 2.5 cm in diameter and 15 cm long protrudes from a wall maintained at 300ºC. The environment temperature is 38ºC. The heat-transfer coefficient is 17 W/m2 · ºC....
-
What is a typical R 2 for the characteristic line of an individual stock? For a portfolio?
-
What is a bond?
-
What are some factors that make cash management more complicated in a multinational corporation than in a purely domestic corporation?
-
Is there a need to regulate mergers? Explain.
-
Describe how the following factors affect external capital requirements: (1) payout ratio, (2) capital intensity, (3) profit margin.
-
K. B. Sayer Furnishings Inc. had the following sales and gross profit percentages for the years 2012-2015. ....................................................Sales................... Gross Profit...
-
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
-
Formulate a search query to determine whether your client can retroactively elect to change its accounting method. Give an example of an online search query using only the following Checkpoint...
-
Sam Manuel has been employed on a full-time basis as an electrical engineer for the past three years. Prior to obtaining full-time employment, he was self-employed as an inventor of complex...
-
In each of the following independent situations, indicate whether the item generally would be a tax (T) or a non-tax (NT) consideration in solving a tax research or tax planning problem. a. The...
-
in a thousand words explain the theoretical differences between a corporate and a divisional cost of capital, and the potential for serious valuation errors if the incorrect WACC is used
-
You own an a townhome with an assessed value of $183,800. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.)(a)What is the amount of property tax (in $)?$...
-
es Carter Paint Company has plants in four provinces. Sales last year were $100 million, and the balance sheet at year-end is similar in percent of sales to that of previous years (and this will...
Study smarter with the SolutionInn App