South-western Federal Taxation 2020: Comprehensive (with Intuit Proconnect Tax Online & Ria Checkpoint, 1 Term (6 Months) Printed Access Card)
43rd Edition
ISBN: 9780357109144
Author: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Publisher: Cengage Learning
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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
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- Greg has one employer and expects no changes to his tax situation for next year. He received a large refund after filing his 2019 tax return. He would like to pay less in taxes throughout the year, even if that means a lower refund when he files his 2020 return. Which of the following actions is most likely to help Greg achieve this goal? Complete only Steps 1 and 5 of the 2020 Form W-4, entering personal information and filing status and signing the form. Tax will be computed only on the standard deduction amount and tax rates for Greg's filing status. Complete 2020 Form W-4, Step 4c, and enter a negative amount of tax to be withheld each pay period. Complete 2020 Form W-4, Step 4c, and enter an additional amount of tax to be withheld each pay period. Purchase an educationarrow_forwardMax, a self-employed taxpayer, did not have all the information he needed to timely file his 2021 tax return by April 18, 2022. Although he requested an automatic extension, he did not include a payment when he filed the extension. He then filed his return ten days later, on April 28, 2022, reporting a $1,150 balance due. Which, statement is correct regarding the failute-to-file and failure-to-pay penalties?arrow_forwardDora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June 3, 2021. However, on December 28, 2021, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? (Ignore the effect of leap year if applicable.) Select one: O A. April 30, 2022. O B. March 2, 2022. O C. December 28, 2022. O D. March 28, 2022.arrow_forward
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