An accountant for a corporation forgot to pay the firms income tax of $725,789.16 on time....
Homework Answers
penalty to be paid = tax * penalty * number of days of delay / 365 days.
=>$725,789.16 * 8.9%*48/365
=>$8,494.72.
total amount of tax and penalty paid = $725,789.16 + 8,494.72
=>$734,283.88.
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accountant for a corporation forgot to pay the firms income tax of
$725,789.16 on time....
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Please, provide the formula and explanation. Thanks 24. An accountant for a corporation forgot to pay...
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The assumptions are that the IRS rate is
5%, interest calculations are based on 365 days a year and the 2018
tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
late payment : failure to pay penalty
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