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Aliya files her current year tax return on July 13 of the following year. She pays the amount due without requesting an extension. The tax
Aliya files her current year tax return on July 13 of the following year. She pays the amount due without requesting an extension. The tax shown on her return is $20,000. Her current year wage withholding amounts to $12,000. Aliya pays no estimated taxes and claims no tax credits on her current year return. Read the requirements. Requirement a. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? Assume Aliya committed no fraud and that any penalty and interest period begins on April 16. Complete the table below to show the penalties that the IRS will likely impose on Aliya. (Complete all answer boxes.) Minus: Total penalties - Requirements a. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? Assume Aliya committed no fraud and that any penalty and interest period begins on April 16. b. On what dollar amount, and for how many days, will Aliya owe interest? Print Done
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