Ella carelessly filed her taxes 10 months late. She owed $100,000 in taxes. What is Ella's...
Ella carelessly filed her taxes 10 months late. She owed $100,000 in taxes. What is Ella's late filing penalty?
Homework Answers
Calculation of Ella’s Late filing penalty
Tax due = $100,000
Time period since due date of filing= 10 months
Minimum penalty:
Since return is filed after more than 60 days of the due date thus minimum penalty shall be-
Lower of (a) 100% of tax i.e., $100,000
(b) $210
Thus, minimum penalty = $210
Actual Penalty
Penalty per month= 5%, subject to maximum of 25% in aggregate
Since return is filed 10 months late, penalty shall be 25% (and not 50%)
Thus, Penalty = $100,000 * 25%= $25,000
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