Problem - Compute the failure to pay

Assignment Help Accounting Basics
Reference no: EM132664358

Problem - Compute the failure to pay and failure to file penalties for John, who filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount due at that time. On April 1, 2020, John 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.

Reference no: EM132664358

Questions Cloud

Set up an accounting equation in columnar form : Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts
Calculate the eac for conveyor belt systems : Assume the tax rate is 22 percent and the discount rate is 9 percent. Calculate the EAC for both conveyor belt systems.
Compute the penalty amounts : Is Olivia liable for any penalties for failure to file and for failure to pay? If so, compute the penalty amounts
Draw the timeline showing all cash flows : You are considering a new project for your company. The project would result in projected increase in sales of $194,000 each year for five years
Problem - Compute the failure to pay : Problem - Compute the failure to pay and failure to file penalties for John, who filed his 2019 income tax return on December 20, 2020
Draw a timeline showing all cashflows : DOGSRULE Company is contemplating the purchase of a new piece of equipment that would cost $350,000. The equipment has
What rationale can you provide to support your answer : Are some organizations more accepting of organizational change than others? What rationale can you provide to support your answer.
Compute a three-year moving average : Compute a 3-year moving average, plot it as a dotted line, and use it to forecast shipments in year 12. Graph the data, and comment on the relationship.
Would you make for improved social marketing practice : First collective challenge for smoking cessation launched by Sante Publique France - What recommendations would you make for improved social marketing practice

Reviews

Write a Review

Accounting Basics Questions & Answers

  In what year would the total expenditures reach given target

In what year would the total expenditures reach $222 million dollars? If this model remains accurate, when would the total expenditures reach $493 million?

  The following income statement items are taken from the

the following income statement items are taken from the records of singer company for the year ended december 31

  Compute the cash payback period for the project

Tony Skateboards is considering building a new plant. Compute the Cash Payback period for the project based on the original projections

  State of the economy probability of the states percentage

use the following information which describes the possible outcomes from investing in a particular asset to answer the

  Overview or history of the brand

Provide an overview or history of the brand (product). Describe and explain how technology or social media is utilized for marketing purposes. Demonstrate an understanding of target markets and demographics.

  The filtering department started the current month with

the filtering department started the current month with beginning goods in process inventory of 70000. during the

  Statement of cash flows for blalock company

Statement of Cash Flows Refer to the information for Blalock Company. Required: Prepare a statement of cash flows using the indirect method.

  What does a deferred tax liability represent

Assume that $500 of the receivables written off in (8) were subsequently collected. Record the journal entry to record the collection of the $500.

  Dee brewery issued 35000000 of bonds on 7100 the bonds have

dee brewery issued 35000000 of bonds on 7100. the bonds have a term of 10 years with an 8 interest rate. interest is

  Majors furniture company failed

1.At the end of 2012, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued during the last five months of 2012 on bonds payable. The bonds mature in 2024.

  Astro corporation a furniture manufacturer uses an

astro corporation a furniture manufacturer uses an activity-based costing system. it has identified the following

  Compute the taxable income in given problem

Exemption Deduction. (Obj. 4) Megan files as a single taxpayer. She claims one personal exemption and one dependent. Compute Megan's 2016 exemption deduction.

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