Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021. How much is the failure-to-pay penalty? Question 17 options: a) $800 b) $700 c) $2,000 d) $1,000
Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021. How much is the failure-to-pay penalty? Question 17 options: a) $800 b) $700 c) $2,000 d) $1,000
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 22P
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Question
Transcribed Image Text:Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed
the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable
cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021.
How much is the failure-to-pay penalty?
Question 17 options:
a) $800
b) $700
c) $2,000
d) $1,000
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