Compute the failure to pay and failure to file penalties for Robert, who filed his 2015 income tax return on December 20, 2016, paying the $10,000 amount due at that time. On April 1, 2016, Robert 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, 2016. Robert's failure to comply with the tax laws was not fraudulent.

Compute the failure to pay and failure to file penalties for Robert, who filed his 2015 income tax return on December 20, 2016, paying the $10,000 amount due at that time. On April 1, 2016, Robert 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, 2016. Robert's failure to comply with the tax laws was not fraudulent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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