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 Topic: A REG Q from Becker ( Topic Closed)
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SourPatch
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Joined: 12 Jun 2010
Location: United States
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Posts: 38
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| Posted: 09 Feb 2012 at 22:06 | IP Logged
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Another thing too, PENALTY is not assessed for additional
liabilities less than $500, only interest.
__________________
AUD - 64 (2010), 75 (2/2011)
BEC -69/73 (2010), 75 (8/11)
FAR - 73 (5/11)
REG - 71, 65, 69
*CA Candidate
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CPA#1
Major Contributor
Joined: 01 Dec 2009
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Posts: 439
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| Posted: 10 Feb 2012 at 09:27 | IP Logged
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musicamor04 wrote:
| Another tricky question, but there's no deliquency penalty assessed because Bass Corp. ended up paying 100% of the tax before the return was due. $400 is 5% of the total of $8,000. Since the payment was made before the due date, there's no delinquency. Bass did, however, have to pay interest because Bass did not remit 100% of the liability upon extension. |
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The automatic extension only extends the filing due date, but the
Corporation still needs to pay by March 15th (or 2.5 months after year
end).
There is no penalty on this question because penalties are not imposed on Corporations that have unpaid tax of less than $500 (or less than $1,000 for Individuals). In this question, the unpaid tax was only $400, so there's no penalty....
__________________
FAR: 52,66,73,61,89
AUD: 47,87
BEC: 80
REG: 64,74,84
DONE!!!!!!!
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