Marco, a cash basis, calendar year taxpayer, filed his income tax return 50 days after the due date.Marco never extended his return, and with the return he paid the taxes that were due.What penalties will Marco incur, and how much is the penalty if his additional tax is $5,000? Disregard any additional interest he must pay.

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The Answer of Marco, a cash basis, calendar year taxpayer, filed his income tax return 50 days after the due date.Marco never extended his return, and with the return he paid the taxes that were due.What penalties will Marco incur, and how much is the penalty if his additional tax is $5,000? Disregard any additional interest he must pay.

Marco, a Cash Basis, Calendar Year Taxpayer, Filed His Income