Interest and Penalties. In 2018, Paul, who is single, has a
comfortable salary from his job as well as income from his investment
portfolio. However, he is habituall y late in filing his federal income tax
return. He did not file his 2018 income tax return until December 4, 2019 (due
dare was April 15, 2019) and no extensions of time to file the return were
filed. Below are amounts from his 2018 return:
Paul sent a check with his return to the IRS for the
balance due of $5,400 . He is relieved that he has completed his filing
requirement for 2018 and has mer his financial obligation to the government for
2018.
Has Paul mer all of his financial obligations ro the
IRS for 2018? If nor, what additional amounts will Paul be liable to pay to the
IRS?
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