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Posted on Feb 19, 2024

Carole and Luiz owe $ 1 8 , 5 0 0 in tax liability with their 2 0 2 3 tax return due on April

Carole and Luiz owe $

18, 500

in tax liability with their

2023

tax return due on April

15, 2024 .

They filed their return, but unfortunately, they were not able to pay their liability until July

1, 2024 .

Assume that the federal short

-

term interest rate is

4 % .

How much will the IRS assess Carole and Luiz for interest and penalties?

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