Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 1, Problem 44DQ
a.
To determine
Identify whether Person J is correct about the application of the statute of limitations. Explain.
b.
To determine
Identify whether it is possible tp prepare returns for 2016 through 2018, in case, Person J refused to file return for 2015.
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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: $
X
Failure to file penalty: $
X
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 $1,490, the correct balance of tax due with the return.
Required:
a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment
penalty.
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 $3,490, the correct balance of tax due with the return.
Required:
a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment
penalty.
b. Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
X Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
Note: Round your intermediate and final calculations to the nearest whole dollar amount.
Late-filing and late-payment penalty
$
698 x
< Required A
Required B
Chapter 1 Solutions
Individual Income Taxes
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - The Sixteenth Amendment to the U.S. Constitution...Ch. 1 - Prob. 4DQCh. 1 - How does the pay-as-you-go procedure apply to wage...Ch. 1 - Jane, a tax practitioner, has reviewed the law on...Ch. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQ
Ch. 1 - Sophia lives several blocks from her parents in...Ch. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - Elijah and Anastasia are husband and wife who have...Ch. 1 - What is the difference between the Federal income...Ch. 1 - As to those states that impose an income tax,...Ch. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Contrast FICA and FUTA as to the following: a....Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 34DQCh. 1 - Serena operates a gift shop. To reduce costs of...Ch. 1 - Prob. 36DQCh. 1 - Prob. 37DQCh. 1 - Prob. 38DQCh. 1 - Prob. 39DQCh. 1 - Prob. 40DQCh. 1 - Prob. 41DQCh. 1 - Prob. 42DQCh. 1 - Prob. 43DQCh. 1 - Prob. 44DQCh. 1 - Prob. 45DQCh. 1 - In terms of tax policy, what do the following...Ch. 1 - Prob. 47DQCh. 1 - Prob. 48DQCh. 1 - Prob. 49DQCh. 1 - Prob. 50DQCh. 1 - Using information from this chapter as well as...Ch. 1 - Prob. 3RPCh. 1 - Prob. 4RP
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