Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the completed return to the IRS until August 8, 2022. Ms. Schmidt enclosed a check for $2,240, the correct balance of tax due with the return. Required: Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment penalty. Compute the late-filing and late- payment penalty if the return was not mailed until November 21.
Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the completed return to the IRS until August 8, 2022. Ms. Schmidt enclosed a check for $2,240, the correct balance of tax due with the return. Required: Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment penalty. Compute the late-filing and late- payment penalty if the return was not mailed until November 21.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.
Transcribed Image Text:Ms. Schmidt didn't request an
extension of time to file a 2021
income tax return and didn't mail
the completed return to the IRS
until August 8, 2022. Ms. Schmidt
enclosed a check for $2,240, the
correct balance of tax due with
the return.
Required:
Assuming that Ms. Schmidt can’t
show reasonable cause for filing a
delinquent return, compute the
late-filing and late-payment
penalty.
Compute the late-filing and late-
payment penalty if the return was
not mailed until November 21.
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