What additional amounts will paul be liable to pay to irs

Assignment Help Taxation

Reference no: EM133449133

Case Study: in 2019, Paul, who is single has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2018 income tax return until December 4, 2020 and no extensions of time to file the return were filed. Below are amount from his 2019 return:

Taxable income $140,000

Total tax liability on taxable income 32,271

Total federal tax withheld form his salary 26,808

Paul sent a check with his return to the IRS for the balance due of $5463..He is relieved that he has completed his filing requirement for 2015 and has met his financial obligation to the government for 2015.

Question: Has Paul met all of his financial obligations to the IRS for 2015? If not, what additional amounts will Paul be liable to pay to the IRS?

Reference no: EM133449133

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