The Maximum Failure to File Penalty Is a Total of 25

question 39

True/False

The maximum failure to file penalty is a total of 25% of the underpayment.

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Definitions:

Unanimous Vote

A unanimous vote occurs when all members of a decision-making body agree on a particular decision or motion without any dissent.

Constitutional Convention

A formal gathering for the purpose of creating or amending a constitution.

Amended

Officially modified, edited, or revised typically referring to documents, laws, or agreements to bring them up to date or improve them.

Annapolis Convention

A convention held in 1786 to address weaknesses in the Articles of Confederation that led to the drafting of the U.S. Constitution.