What are the correct monthly rates for calculating failure to file and failure to pay penalties?
A) $$\begin{array} { | l | l | }
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 5.0 \% & 5.0 \% \
\hline
\end{array}$$
B) $$\begin{array} { | l | l | }
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 0.5 \% & 0.5 \% \
\hline
\end{array}$$
C) $$\begin{array} { | l | l | }
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 5.0 \% & 0.5 \% \
\hline
\end{array}$$
D) $$\begin{array} { | l | l | }
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 0.5 \% & 5.0 \% \
\hline
\end{array}$$

Question

What are the correct monthly rates for calculating failure to file and failure to pay penalties?
A) $$\begin{array} { | l | l | } 
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 5.0 \% & 5.0 \% \
\hline
\end{array}$$
B) $$\begin{array} { | l | l | } 
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 0.5 \% & 0.5 \% \
\hline
\end{array}$$
C) $$\begin{array} { | l | l | } 
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 5.0 \% & 0.5 \% \
\hline
\end{array}$$
D) $$\begin{array} { | l | l | } 
\hline \text { Failure to file } & \text { Failure to pay } \
\hline 0.5 \% & 5.0 \% \
\hline
\end{array}$$

Quizplus · Accepted Answer

The IRS imposes a failure to file penalty of 5.0% per month and a failure to pay penalty of 0.5% per month.

What Are the Correct Monthly Rates for Calculating Failure to File