Which of the Following Statements Regarding Late Filing Penalties And/or

question 140

Multiple Choice

Which of the following statements regarding late filing penalties and/or late payment penalties is True?

• A) An extension of time to file the tax return protects a taxpayer from late payment penalties as long as the tax is paid by the extended due date of the return.
• B) The penalty rate for late filing penalties is less than the penalty rate for late payment penalties.
• C) If a taxpayer has not paid the full tax liability by the original due date of the return and the taxpayer has not filed a tax return by the due date of the return, the maximum late filing and late payment penalty will be no greater than the late filing penalty by itself.
• D) None of the choices are correct.

---

Definitions:

Ethical Issue

A problem or situation that requires a person or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical).

Educational Attainment

The highest level of education an individual has completed, often used as a measure of socioeconomic status.

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Corporate Culture

The collective values, beliefs, and behaviors that shape an organization’s environment and influence how its employees interact.