Accuracy-Related Penalty That Could Be Assessed By IRS

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Instructions

Accuracy-Related Penalty That Could Be Assessed By IRS

Question Description

1- The IRS determined that John underpaid his 2019 tax liability by $6,000 due to negligence. In 2019, John pays $1,000 of interest related to the underpayment and the full amount of any penalties assessed by the IRS.

1. Calculate the amount of the accuracy-related penalty that could be assessed by the IRS in this situation.
2. What part of the deficiency, income taxes, interest and penalty, is deductible by John on his current tax return? Explain.

2- If you’re self-employed and your expected net income is at least $400, you are required to make estimated tax payments __________ to cover both your income tax and your self-employment tax obligations

1. Monthly
2. Quarterly on April 15, June 15, Sept. 15 and Jan. 15 of the following year.
3. On April 15 of the following tax yea
4. Any time before April 15 of the following tax year Topic: Self-employment tax issues: when to pay

3- Which of the following is an exception for early withdrawal penalty of IRA?

1. Rollover into another eligible retirement plan within 60 days
2. Distributions made to beneficiaries of plans inherited after death
3. A disabled individual who is “unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration.
4. All of the above are exceptions
5. Which of the following type of tax is not assessed based on the value of the assets?
6. Real estate tax
7. DMV licenses
8. Gift tax
9. None of the above

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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