SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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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.
Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received the Commissioner’s decision denying her claim on May 31, 2021.
Answer the following questions:
1.)Was the claim for refund filed on time?
2.When is the last day to appeal the Commissioner’s decision to the Court of Tax Appeals (CTA)?
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- 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 Barrow_forwardMs. 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 $2,380, 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. Complete this question by entering your answers in the tabs below. Required A Required B Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late- payment penalty. Late-filing and late-payment penalty < Required A Required Barrow_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_forward
- Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020 tax return by May 17, 2021. 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 May 27, 2021, reporting a $950 balance due. How much must Max pay in failure-to-file and failure-to-pay penalties? No failure-to-file penalty or failure-to-pay penalty will apply. His failure-to-file penalty is $0, but he has a failure-to-pay penalty of 0.5% of his unpaid tax. His failure-to-file penalty is 5% of his unpaid tax. He also has a failure-to-pay penalty of 0.5%, for an overall total of 5.5%. He has a $435 failure-to-file penalty plus an additional penalty of 0.5%, applied to his unpaid tax.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_forwardNorman Foster filed his 2020 tax return as was required on June 15, 2021. His Notice of Assessment dated August 28, 2021, indicated that his return was accepted as filed. On March 15, 2022, he receives a Notice of Reassessment dated March 8, 2022 indicating that he owes additional taxes, as well as interest on unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v BIUS Paragraph Arial 14px Q E E E E x X2 T Te - 田 田田国 Ť (i} 田 田 田arrow_forward
- 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_forward1.arrow_forwardVictoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020. Victoria did not file an extension. The tax due on the tax return when filed was $10,000. In 2019, Victoria paid in $16,500 through withholding. Her 2018 tax liability was $14,500. Victoria's AGI for 2019 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?arrow_forward
- Please help solve the problem See attached documentarrow_forwardCherry Ann filed her 2021 ITR on May 12, 2022. She then received assessment of deficiencyincome tax on October 10, 2023. On October 30, 2023, she filed for protest. She also submittedsupporting documents on December 5, 2023. Unfortunately, she received denial of protest onApril 20, 2024. Until when can she appeal the decision to CTA?arrow_forwardRita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An extension for filing her income tax return was not obtained. The tax return reflects additional income tax due of $20,000. What is the amount of Rita's penalties for failure to pay and for failure to file?arrow_forward
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