Which of the following is a condition that triggers the penalty for negligence or intentional disregard?...
Which of the following is a condition that triggers the penalty for negligence or intentional disregard? 1) the taxpayer understates their tax by the larger of $5,000 or 10% of the correct tax. 2) the taxpayer shows negligence or disregard of the rules or regulations, causing an underpayment. 3)The taxpayer fails to pay the tax owed by the due date. 4)the taxpayer fails to file the return by the due date, and there is balance due.
Homework Answers
Option ‘2’ is correct.
When the taxpayer shows the negligence or disregard of the rules and regulations, causing an underpayment, it leads to penalty for negligence or disregard.
When the taxpayer understates their tax by larger of $5000 or 10% of the correct tax, then it is accuracy related penalty.
And, the information related penalties are levied for failure of the taxpayer to pay the tax owed by the due date and failure to file the return by due date.
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Which of the following is a condition that triggers the penalty for negligence or intentional disregard?...
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