Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April 1, 2022, John

   

John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April 1, 2022, John had 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. Compute the failure to pay and failure to file penalties for John. Failure to pay penalty: $ Failure to file penalty:

Step by Step Solution

3.31 Rating (145 Votes )

There are 3 Steps involved in it

Step: 1

Solution Particulars Amount Failure to pay penality from April 2022 to december ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

39th Edition

978-1305399884

More Books

Students also viewed these Accounting questions