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qualler
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| Posted: 09 Jul 2009 at 12:17 | IP Logged
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gimmeCPA wrote:
qualler wrote:
gimmeCPA wrote:
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Hi everyone,
Please help me solve this Becker question:
A taxpayer filed his income tax return after the due date but neglected to file an extension form. The return indicated a tax liability of $ 50,000 and taxes withheld of $ 45,000. On what amount would the penalties for late filing and late payment be computed?
a. $0
b. $5,000
c. $45,000
d. $50,000
Answer: b.
Becker's explaination:
The penalty for failure to file a tax return by the due date is 5% per month or fraction of month (up to a max 25%) on the amount of tax shown as DUE on the return. The penalty for failure to pay by the due date (1/2% per month) is also based on the amount DUE on the return.
I can not get how the $5,000 calculated. If anyone knows, please share. Thanks.
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My answer would be that $5,000 is due, because $50,000 was calculated as the tax on the tax return whereas $45,000 had been withheld on the individual's paycheck and thus already paid. Therefore the amount that was late ($5k) is the amount that would be penalized. The other $45k was paid on time throughout the taxable year.
Hope that helps!
Hey,
Thanks a ton! I overanalyzed this question..lol. never thought that simple..lol. Thanks. I hope you'll pass.
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No problem! Sometimes I think the explanations all the books give are more trouble than they're really worth. I got confused about what they were getting at in the explanation, too.
__________________
FAR - 56, 65, 67, 71, *78*
BEC - 60, 69, 71, *81*
AUD - 54, 67, 72, 74, *81*
REG - 49, 51, 66, 65, *78*
Ethics - *90*
Qualler, CPA
The Blogulator
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monaco
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| Posted: 10 Jul 2009 at 17:49 | IP Logged
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I just took REG and all was doing very well up until I got to the simulations. I had about 1.5hrs left for them. Somehow I managed to waste 1hr on the 1st sim... I tried to to remain calm during the 2nd sim, but freaked out a bit and ended up doing half a** job on it.
I feel pretty confident on the MC, but now feel like I may not get above a 75 because of the sims.
I'm really bummed out about this and I'm supposed to start studying for FAR, which I have in 3 weeks.
__________________
REG - 79 (8/07, expired), (7/09)
BEC - 76 (5/08)
FAR - 68 (1/09), scheduled 8/09
AUD - 64 (2/09), 74 (5/09)
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bryris
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| Posted: 10 Jul 2009 at 18:04 | IP Logged
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You'll do fine. Post your score when you get it.
From what I've heard, NOBODY feels good after walking out of this REG exam. You just study your tail off and do your best and hope for the best. If the score comes in below passing, try again. No one hopes for it, but what else can you do?
__________________
REG - 97
FAR - 97
BEC - 90
AUD - 97
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cfcpa
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| Posted: 10 Jul 2009 at 18:17 | IP Logged
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I had the same issue. I took the Reg Exam today and ran out of time as I was finishing the 2nd simulation. I thought the simulations were very difficult compared to the practice simulations provided by Becker.
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monaco
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| Posted: 10 Jul 2009 at 19:29 | IP Logged
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It sucks really bad knowing that I passed it once already, and also feeling like I didn't make any progress (aka, at least pass it)
__________________
REG - 79 (8/07, expired), (7/09)
BEC - 76 (5/08)
FAR - 68 (1/09), scheduled 8/09
AUD - 64 (2/09), 74 (5/09)
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Topic: * REG - Jul/Aug 2009 Window
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