Compute the failure to pay and failure to file penalties for John, who filed his 2019 income
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Compute the failure to pay and failure to file penalties for John, who filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount due at that time. On April 1, 2020, John received a six-month extension of time in which to file his return. He has no reasonable cause for failing to file his return by October 15 or for failing to pay the tax that was due on April 15. John’s failure to comply with the tax laws was not fraudulent.
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Failure to Pay Underpayment 10000 Penalty rate 0005 Penalty per month outstanding 50 Months late inc...View the full answer
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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