Frederick Failed to File His 2018 Tax Return on a Timely

question 576

Essay

Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed his 2018 income tax return on Octobe 2019, (the due date was April 17, 2019) and paid the amount due at that time. He failed to make timely extension are amounts from his 2018 return: Frederick sent a check for $1,090 in payment of his liability. He thinks that he has met all of his financial obligations to the government for 2018. For what additional amounts may Frederick be liable assuming any applicable interest rate is 6%?

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Definitions:

Consumer Goods

Products and commodities that are bought and used by individuals and households for personal use.

Agricultural Production

The process of cultivating plants and raising livestock for food, fiber, and other products.

Social Contract

Agreement hammered out between labor and management in leading industries; called a new “social contract.” Unions signed long-term agreements that left decisions regarding capital investment, plant location, and output in management’s hands, and they agreed to try to prevent unauthorized “wildcat” strikes.

Childcare Expenses

Costs that parents or guardians incur in providing care for their children, especially during work hours, including daycare, nannies, and preschool services.