Mr. and Mrs. Chung filed their unextended 2015 Form 1040 on May 30, 2016, and had no reasonable cause for the delinquency. The return showed a $10,479 balance of tax due. Compute the Chungs' late-filing and late-payment penalty.
A) $524
B) $1,048
C) $2,620
D) None of the above
Correct Answer:
Verified
Q8: A professional tax return preparer must attach
Q8: An individual who did not graduate from
Q21: Tony Curtis filed her 2015 income tax
Q26: Ms. Hepp filed her 2015 Form 1040
Q27: Mr. Fiocchi filed his unextended 2015 Form
Q30: If a taxpayer has insufficient financial means
Q34: A person can't be relieved of liability
Q35: Only one spouse must sign a jointly
Q38: Taxpayers who win their case in court
Q39: If a taxpayer fails to pay a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents