Frederick Failed to File His 2015 Tax Return on a Timely

question 15

Essay

Frederick failed to file his 2015 tax return on a timely basis. In fact, he filed his 2015 income tax return on October 31, 2016, (the due date was April 15, 2015) and paid the amount due at that time. He failed to make timely extensions. Below are amounts from his 2015 return: Frederick sent a check for $1,671 in payment of his liability. He thinks that he has met all of his financial obligations to the government for 2015. For what additional amounts may Frederick be liable assuming any applicable interest rate is 6%?

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.

Journalized

Refers to the act of recording financial transactions in the company's journal as part of the accounting process.

Accounting Period

A specific duration of time used by businesses for financial reporting and accounting purposes, such as a month, quarter, or year.

Date

A specific point in time that may refer to a day, month, and year, often used in documentation and scheduling.