Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 12, Problem 5P
a.
To determine
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government. It also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
The amount of L’s accuracy-related penalty.
b.
To determine
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government. It also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
The amount of L’s fraud penalty.
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b. Joan filed her individual income tax return 3 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $11,510, which was the balance of the taxes she owed with her return.
Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$
b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an
extension of time for filing. Along with her return, Joan remitted a check for $750, which was the
balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that
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Joan filed her individual income tax return 4½ months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.
Chapter 12 Solutions
Income Tax Fundamentals 2020
Ch. 12 - Which of the following is a responsibility of a...Ch. 12 - Prob. 2MCQCh. 12 - Prob. 3MCQCh. 12 - Prob. 4MCQCh. 12 - Prob. 5MCQCh. 12 - Prob. 6MCQCh. 12 - Prob. 7MCQCh. 12 - Prob. 8MCQCh. 12 - Prob. 9MCQCh. 12 - Prob. 10MCQ
Ch. 12 - Prob. 11MCQCh. 12 - Prob. 12MCQCh. 12 - Which of the following have privileged...Ch. 12 - Prob. 14MCQCh. 12 - Prob. 15MCQCh. 12 - Prob. 16MCQCh. 12 - Prob. 17MCQCh. 12 - Taxpayers have the right to have an IRS...Ch. 12 - If a U.S. Tax Court agrees with the taxpayer on...Ch. 12 - If the IRS owes a taxpayer a refund, the law...Ch. 12 - Prob. 21MCQCh. 12 - Melodie's taxable income is $39,000 and she pays...Ch. 12 - Jim has a house payment of $2,000 per month of...Ch. 12 - Indicate which of the following statements are...Ch. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - In the 2019 tax year, Michelle paid the following...Ch. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Prob. 7PCh. 12 - Prob. 8PCh. 12 - Prob. 9PCh. 12 - Prob. 10PCh. 12 - Prob. 11PCh. 12 - Prob. 12P
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- For each of the following situations, indicate the nature and amount of the penalty that could be imposed. Description of the Penalty AND Penalty Amount $ a. Larry is a tax protester and files his tax return in the name of “Mickey Mouse.” b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her account. c. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000.arrow_forwardKyle provides landscaping services to a number of clients. In filing his current-year income tax return, Kyle excluded revenue received from cash customers. If Kyle is found guilty of fraud, he may be subject to all of the following except: a. Other penalties as provided by law. b. A fine for not more than $250,000. c. Being held responsible for the costs of prosecution. d. Imprisonment for not more than 2 yearsarrow_forwardDetermine the amount of the late filing and late payment penalties that apply for the following taxpayers. Required: a. Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed with the return until one and a half months later. b. Oscar filed his tax return and paid his $3,000 tax liability five months late. c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for several years. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for several years. Late filing and late payment penalties $ 7,500arrow_forwardCraig commits fraud on his tax return. It is found that he was $40,000 deficient in his tax because of the fraud. What would his penalty be? Please show all calculations to demonstrate how you arrived at your answer. In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website.arrow_forwardRita files her income tax return 35 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $40,000, which is the balance of the tax she owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Rita's failure to file penalty and failure to pay penalty. Failure to pay penalty $fill in the blank 1 Failure to file penalty $fill in the blank 2arrow_forwardplease help me resolve correctlyarrow_forwardDetermine the amount of the late filing and late payment penalties that apply for the following taxpayers. Required: a. Jolene filed her tax return by its original due date but did not pay the $1,600 in taxes she owed with the return until one and a half months later. b. Oscar filed his tax return and paid his $2,600 tax liability five months late. c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $11,400 in taxes for several years. Complete this question by entering your answers in the tabs below. Required A Required B Required C Oscar filed his tax return and paid his $2,600 tax liability five months late. Late filing and late payment penalties $ 650arrow_forward. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$arrow_forwardT3.arrow_forwardRita files her income tax return 180 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $74,000, which is the balance of the tax she owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Rita's failure to file penalty and failure to pay penalty. Failure to pay penalty $ Failure to file penalty $arrow_forwardJoan filed her individual tax return 3 months late she did not request an extension along with the return she remitted a check for 800.00 disregarding interest calculate the total penalties that Joan will be required to pay the failure to pay is not fraudarrow_forwardGodoarrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
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