Ms. Dela filed an unextended 2021 Form 1040

Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is  612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay   b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount

1

Tax Drill - Negligence Penalty Harrod underpaid her taxes for 2020 in the amount of $17,000, of which $9,500 is attributable to negligence. Harrod's negligence penalty is $fill in the blank 1. Assume the $9,500 is attributable to civil fraud instead of negligence. Harrod's fraud penalty is $fill in the blank 2

Q - 67

Required information [The following information applies to the questions displayed below] Determine the amount of the late filing and late payment penalties that apply for the following taxpayers c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $13,200 in taxes for several years Late filing and late payment penalties $ 9,900

None

The IRS determined that John underpaid his 2016 tax liability by $6,000 due to negligence. In 2018, John pays $1,000 of interest related to the underpayment and the full amount of any penalties assessed by the IRS.   a. Calculate the amount of the accuracy-related penalty that could be assessed by the IRS in this situation.       b. What part of the deficiency, income taxes, interest, and penalty, is deductible by John on his current tax return? Explain.

Compute the failure to pay and failure to file penalties for Robert, who filed his 2015 income tax return on December 20, 2016, paying the $10,000 amount due at that time. On April 1, 2016, Robert 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, 2016. Robert's failure to comply with the tax laws was not fraudulent.

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