John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April 1, 2022, John had received a six-month extension of time in which to file his return. He has no reasonable cause for failing to file his return by October 15 or for failing to pay the tax that was due on April 15. John's failure to comply with the tax laws was not fraudulent. Compute the failure to pay and failure to file penalties for John. Failure to pay penalty: $ X Failure to file penalty: $ X
John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April 1, 2022, John had received a six-month extension of time in which to file his return. He has no reasonable cause for failing to file his return by October 15 or for failing to pay the tax that was due on April 15. John's failure to comply with the tax laws was not fraudulent. Compute the failure to pay and failure to file penalties for John. Failure to pay penalty: $ X Failure to file penalty: $ X
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that time. On April
1, 2022, John had received a six-month extension of time in which to file his return. He has no reasonable cause for
failing to file his return by October 15 or for failing to pay the tax that was due on April 15. John's failure to comply
with the tax laws was not fraudulent.
Compute the failure to pay and failure to file penalties for John.
Failure to pay penalty: $
X
Failure to file penalty: $
X
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