Jamie filed his tax return one month late, and made a late payment of his taxes at the same time. Jamie may be subject to both the failure-to-file penalty and the failure-to-pay penalty. Which statement below best describes how the IRS will assess these penalties?The IRS will reduce the failure-to-file penalty by the amount of any failure-to-pay penalty (but not below a minimum amount)The IRS will only assess the greater of the two penalties, the 5% failure-to-file penaltyThe IRS will only assess the lesser of the two penalties, the one-half of 1% failure-to-pay penalty The IRS will assess both penalties in full