The Failure to File Penalty Is ________ of the Tax

question 94

Multiple Choice

The failure to file penalty is ________ of the tax shown on the return for each month (or fraction of a month) the tax return is not filed,up to a maximum of 25%.

• A)0)25%
• B)0)5%
• C)5)0%
• D)5)5%

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Definitions:

Receiving Report

A document that records the details of goods received by a company, ensuring the quantities match the order and invoice.

Vendor's Invoice

A document issued by a vendor to a buyer indicating the products or services provided, quantities, prices, and terms of payment.

Perpetual

Continuing indefinitely without interruption; in accounting, it often refers to systems that continuously update inventory or records.

Inventory System

A method or system used to plan, organize, and control the goods or materials that are held in stock, ensuring efficient management and use of inventory.