Required: a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and la penalty. . Compute the late-filing and late-payment penalty if the return was not mailed until November 21. Complete this question by entering your answers in the tabs below. Required A Required B > Answer is complete but not entirely correct. Compute the late-filing and late-payment penalty if the return was not mailed until November 21. Note: Round your intermediate and final calculations to the nearest whole dollar amount. Late-filing and late-payment penalty $ 698 x

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter4: Gross Income
Section: Chapter Questions
Problem 21P
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Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the completed return to the IRS until
August 8, 2022. Ms. Schmidt enclosed a check for $3,490, the correct balance of tax due with the return.
Required:
a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment
penalty.
b. Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
X Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute the late-filing and late-payment penalty if the return was not mailed until November 21.
Note: Round your intermediate and final calculations to the nearest whole dollar amount.
Late-filing and late-payment penalty
$
698 x
< Required A
Required B
Transcribed Image Text:Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the completed return to the IRS until August 8, 2022. Ms. Schmidt enclosed a check for $3,490, the correct balance of tax due with the return. Required: a. Assuming that Ms. Schmidt can't show reasonable cause for filing a delinquent return, compute the late-filing and late-payment penalty. b. Compute the late-filing and late-payment penalty if the return was not mailed until November 21. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute the late-filing and late-payment penalty if the return was not mailed until November 21. Note: Round your intermediate and final calculations to the nearest whole dollar amount. Late-filing and late-payment penalty $ 698 x < Required A Required B
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