Compute the Failure to Pay and Failure to File Penalties

question 119

Essay

Compute the failure to pay and failure to file penalties for John, who filed his 2018 income tax return on December
14, 2019, paying the $10,000 amount due. On April 1, 2019, John submitted a six-month extension of time in which to file his return; he paid no tax with the extension request. 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, 2019. John's failure to comply with the tax laws was not fraudulent.

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Definitions:

Legend

An area on a chart or map that explains the symbols, colors, or patterns used, making the data easier to understand.

Extract Seconds

The process of isolating and retrieving only the second components from a set of time data.

SECOND(B1)

A function in spreadsheet software that returns the second component (value from 0 to 59) of a time value specified in cell B1.

Paste Numbers

The action of inserting only the numeric data from a copied selection, excluding any text or formatting.