Billy, a Calendar-Year Taxpayer, Files His Current Year Individual Tax

question 8

Essay

Billy, a calendar-year taxpayer, files his current year individual tax return on August 17 of the following year without having requested an extension. His return reports an amount due of $5,000. Billy pays this amount on November 23 of the following year. What are Billy's penalties for his failure to file and his failure to pay his tax on time? Assume Billy did not commit fraud.

---

Definitions:

Cross-Cultural Analysis

The comparison and analysis of different cultures to understand their behaviors, rituals, and ways of life in a comparative light.

Psychological Factors

Elements that affect the mental state and behavior of an individual, including emotions, perceptions, and attitudes.

Social Factors

Aspects of society that influence individuals' behaviors, attitudes, and lifestyle choices, including culture, family, education, and religion.

Cultural Factors

Elements influenced by a society's culture, including values, beliefs, customs, and norms, that affect an individual's behavior and preferences.