SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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You are the tax supervisor at a local tax return preparation firm. Suzanne and her husband Steve have been working with the local fire department for 8 years. They have a total income after adjustments (reported on line 11 of the form 1040) of $160,000. After reviewing the preparation of the return, you notice there are a few things not taken into consideration for her tax return preparation. For each of the following questions, provide where the change on the tax return would occur and how much would it effect their taxable income, if they had an effective tax rate of 21% and a marginal tax rate of 24%, prior to the change.
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. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes.
Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$
Cooper is a CPA and prepared several tax returns during the current tax year for compensation. In the rush to get returns filed timely, he failed to sign three of the returns that he prepared. How much is his failure to sign penalty?
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