Answer the Following: A.​Geoffrey Filed His Tax Return 2 Months and 8 Days

question 52

Essay

Answer the following:
a.​Geoffrey filed his tax return 2 months and 8 days late and had not requested an extension of time for filing.Geoffrey's return indicated that he is to receive a $600 refund in taxes.Calculate the amount of Geoffrey's penalty for failure to file his tax return on time,assuming the failure to file was not fraudulent.
b.​John filed his individual income tax return 3 1/2 months after it was due.He had not requested an extension of time for filing.Along with his return,John remitted a check for $1,000,which was the balance of the taxes he owed with his return.Disregarding interest,calculate the total penalty that John will be required to pay,assuming the failure to file was not fraudulent (and that he is not subject to failure-to-pay penalties).

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Definitions:

Environmental Impact

The effect that human activities have on the environment, including natural resources, wildlife, and climate change.

Blended Value

A concept that proposes all organizations, whether for-profit or nonprofit, generate value that consists of economic, social, and environmental components.

Organizational Funds

Resources that are specifically allocated for the use and operations of an organization.

Impact Investing

Investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.