Compute the failure to pay and failure to file penalties

Assignment Help Accounting Basics
Reference no: EM132836566

John filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount due at that time. On April 1, 2020, 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.

Problem 1: Compute the failure to pay and failure to file penalties for John.

Reference no: EM132836566

Questions Cloud

What the acquisition of the treasury shares : On July 1, 2014, Castro Corporation reacquired 1,000 shares of its outstanding stock for $12 per share. The acquisition of these treasury shares
Real-world work environment : The rationale for these choices/ Are these things really important? Why? How would you create these in a real-world work environment?
Discuss the problem of overfitting in regression analysis : How do you evaluate a model in order to judge whether or not you have selected the right one? Also, discuss the problem of overfitting in regression analysis.
What are maureen penalties for failure to file and to pay : What are Maureen's penalties for failure to file and to pay? Maureen, a calendar year individual taxpayer, files her 2018 return on November 4, 2020.
Compute the failure to pay and failure to file penalties : Compute the failure to pay and failure to file penalties for John. John filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount
What is the original business concept being considered : Provide a brief overview of the original business concept being considered with some basic consideration of 'feasibility'.
Projects currently determined-prioritized by organization : How are IT projects currently determined and prioritized by the organization? In what ways are the IT staff aligned or disconnected with organizational need
How accounting principles are used to analyze a business : Explain accounting principles and how they are used within financial management in relation to analyzing financial health. What accounting information
Evaluate the role of a frontline manager : Evaluate the role of a frontline manager in terms of meeting the expected outcomes of a work team.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd