John underpaid his taxes this year by $23,000 due to negligence. John's penalty for negligence under...
John underpaid his taxes this year by $23,000 due to negligence. John's penalty for negligence under the accuracy-related penalty is:
Homework Answers
| Total Underpaid Taxes | $ 23,000 |
| Penalty(23000*20%) | $ 4,600 |
As per IRC 6662(A) For Accuracy-Related Penalty on Understatements with Respect to Reportable Transactions, the penalty is 20 percent of the reportable transaction understatement.
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