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

question 57

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 above

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Definitions:

Leaving The Room

The act of exiting a specific space or area, typically to signify the end of participation in an event or situation.

Economic Security

The state of having stable income or other resources to support a standard of living now and in the foreseeable future, protecting individuals and families from poverty and financial uncertainties.

Good Reason

A justified or rational basis for a decision, action, or belief.

Marry

Forming a legally recognized union with a partner.