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Ruth and Edward owe $22,500 in tax liability with their 2023 tax return due on April 15, 2024. They filed their return, but unfortunately, they
Ruth and Edward owe $22,500 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 interests rate is 4%. How much will the IRS assess Ruth and Edward for interests and penalties
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