Question: this is the complete question that is the complete questions 6. (20 points) Jane and Bill are married and file a joint Year i tax

 this is the complete question that is the complete questions 6.
this is the complete question
that is the complete questions

6. (20 points) Jane and Bill are married and file a joint Year i tax return on September 1, Year 2 without seeking an extension of time to file from the IRS and without paying any tax They report gross income of $100,000 and an income tax liability of 530.000 but negligently omit $20,000 of gross income from Bill's side job as a carpenter. A Which penalties or additions to taxmay the IRS assert against Jane and Bill B if the IRS issues Jane and Bill a 30 day letter on October 10, Year 3) asserting a deficiency of $5,000 on the omitted income, plus failure to file and fallure to pay additions to tax, and a negligence penalty. Assume further that lane and will pay the reported tax liability and their tax deficiency in full by October 30, Year 3. What amount of failure to file and failure to pay additions to tax would they be liable for? c. Assume the 30 day letter and payment in Part Babave. What amount of negligence penalty would Jane and will be liable for? D Jane and will have been happily married for 25 years. Bill always pursued his carpentry hobby and only started charging for jobs in Year 1. He only accepted cash for carpentry jobs. For the entirety of their marriage Bill always paid with cash when he and Jane went out to dinner. Jane did not know of Bill's side job as a carpenter, thinking he only did it as a hobby, not to make money. What are her options when they receive the 30 day letter? Can you represent both Jane and Bill? 7. (10 points) 6. (20 points) Jane and Bill are married and file a joint Year i tax return on September 1, Year 2 without seeking an extension of time to file from the IRS and without paying any tax They report gross income of $100,000 and an income tax liability of 530.000 but negligently omit $20,000 of gross income from Bill's side job as a carpenter. A Which penalties or additions to taxmay the IRS assert against Jane and Bill B if the IRS issues Jane and Bill a 30 day letter on October 10, Year 3) asserting a deficiency of $5,000 on the omitted income, plus failure to file and fallure to pay additions to tax, and a negligence penalty. Assume further that lane and will pay the reported tax liability and their tax deficiency in full by October 30, Year 3. What amount of failure to file and failure to pay additions to tax would they be liable for? c. Assume the 30 day letter and payment in Part Babave. What amount of negligence penalty would Jane and will be liable for? D Jane and will have been happily married for 25 years. Bill always pursued his carpentry hobby and only started charging for jobs in Year 1. He only accepted cash for carpentry jobs. For the entirety of their marriage Bill always paid with cash when he and Jane went out to dinner. Jane did not know of Bill's side job as a carpenter, thinking he only did it as a hobby, not to make money. What are her options when they receive the 30 day letter? Can you represent both Jane and Bill? 7. (10 points)

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