Describe the nondeductible penalties imposed upon taxpayers for failure to comply.
What will be an ideal response?
a. A penalty of 5% per month subject to a maximum of 25% is imposed for failure to file a tax return.
b. A penalty of 0.5% per month subject to a maximum of 25% is imposed for failure to pay a tax that is due.
c. An accuracy related penalty of 20% for underpayment due to negligence or disregard of the rules or regulations.
d. A 75% penalty is imposed for fraud.
e. A penalty based upon the current interest rate is imposed for underpayment of estimated taxes.
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