Exam (elaborations)
HRB-23 Exercises question and answers rated A+2024/2025
- Course
- Institution
HRB-23 Exercises question and answers rated A+2024/2025
[Show more]
Seller
Follow
Content preview
HRB-23 ExercisesWhat consequences apply:
The 2009 go back, displaying a $500 balance due, become filed on May sixteen, 2010 and
charge changed into made at the identical day. - ANS$22.50
• The taxpayer is problem to each the failure-to-document penalty and the failure-to-pay penalty.
• The failure-to-record penalty is $25.00 [5% * $500 = $25]
• The failure-to-pay penalty is $2.50 [0.50% * $500 - $2.50]
• When problem to each consequences, the failure-to-file penalty is reduced by means of the
failure-to-pay penalty [$25.00 - $2.50 = $22.50]
What penalties practice:
The 2009 return, showing a $500 refund, became filed on May sixteen, 2010. - ANS$0
There are no unpaid taxes.
What penalties apply:
The 2009 go back, showing a $900 stability due, become filed on April 15, 2010, however the
taxpayer did now not make a charge. - ANS$4.50 failure-to-pay penalty [0.50% * $900 = $4.50]
What consequences apply:
The 2009 well timed-filed return claimed a $2,000 credit score that the taxpayer without a doubt
did not qualify for, however the IRS did not make this dedication until June 2011. - ANS$400
negligence or intentional brush aside to document an correct return [20% * $2,000 = $400]
What is the cutting-edge date an amended go back can be filed:
The unique 2009 go back, displaying a refund, changed into filed on March 24, 2010 - ANSApril
15, 2013; three years from the filing date, that's considered to be April 15 if the return is timely
filed.
What is the ultra-modern date an amended go back may be filed:
On April 15, 2010, the taxpayer requested an automated six-month extension on his 2009
return. The go back was filed and the stability due paid on October 15, 2010. - ANSOctober 15,
2013; three years from the filing date is later than years from the charge date.
What is the cutting-edge date an amended go back may be filed:
On April 15, 2010, the taxpayer requested an automatic six-month extension on his 2009 go
back. The go back became filed and the stability due paid on November 19, 2010 (late). -
ANSApril 15, 2013; The six-month extension does not practice if the go back turned into not
filed via the prolonged due date. Three years from the submitting date continues to be later than
two years from the fee date.
What is the ultra-modern date an amended return can be filed:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller studyexcellence. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now