Question
6. Which of the following would lead to imposition of civil penalties? a. violation of civil protocols b. violation of tax laws as a result
6. Which of the following would lead to imposition of civil penalties?
a. violation of civil protocols
b. violation of tax laws as a result of negligence
c. Violation of tax statues due to reasonable cause
d. violation of social rules and norms
7. Interest imposed by the IRS is compounded:
a. annually
b. quarterly
c. daily
d. monthly
8.The civil fraud penalty is:
- 5%
- 20%
- 25%
- 75%
9. An individual who is convicted of willfully aiding or assisting in the preparation of a false return is subject to which of the following penalties?
- Imprisonment up to 2 years and/or a fine that cannot exceed $10,000
- Imprisonment up to 5 years and/or a fine that cannot exceed $50,000
- Imprisonment up to 10 years and/or a fine that cannot exceed $15,000
- Imprisonment up to 3 years and/or a fine that cannot exceed $100,000
10. Joanne filed her unextended 2020 tax return on September 14, 2021, paying the $5,000 amount due at that time. Joanne has no reasonable cause for failing to file the return by April 15 or for failing to pay the tax that was due on April 15th, 2021. Compute the Failure to pay penalty.
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