Question

In: Accounting

What is the normal due date for the tax return of​ calendar-year taxpayers? What happens to...

What is the normal due date for the tax return of​ calendar-year taxpayers? What happens to the due date if it falls on a​ Saturday, Sunday, or​ holiday?

A. The normal due date for​ calendar-year individuals, partnerships and​ calendar-year corporations is April 30. The normal due date is delayed to the next Tuesday that is not a​ Saturday, Sunday or holiday. If the normal due date falls on​ Saturday, Sunday, or​ holiday, it is delayed to the next Tuesday.

B. The normal due date for individuals and partnerships is April 30. The normal due date for​ calendar-year corporations is March 31. The normal due date is delayed to the next Tuesday that is not a​ Saturday, Sunday or holiday. If the normal due date falls on​ Saturday, Sunday, or​ holiday, it is delayed to the next Tuesday.

C. The normal due date for​ individuals, partnerships and​ calendar-year corporations is April 15. If the normal due date falls on​ Saturday, Sunday, or​ holiday, it is delayed to the next day that is not a​ Saturday, Sunday, or holiday.

D. The normal due date for​ calendar-year individuals and C corporations is April 15. The normal due date for​ calendar-year partnerships and S corporations is March 15. If the normal due date is a​ Saturday, Sunday, or​ holiday, the normal due date is delayed to the next day that is not a​ Saturday, Sunday, or holiday.

Solutions

Expert Solution

As per IRS, the Normal due for the tax return of calendar year ( ends on 31st December)  taxpayers is generally 15th April of each year.

If you use a fiscal year (tax year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year.

If your due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day in both cases whether calendar year or Fiscal year is followed.

Hence, as per the above laws option (C) is correct which conveys the same meaning ----The normal due date for​ individuals, partnerships and​ calendar-year corporations is April 15. If the normal due date falls on​ Saturday, Sunday, or​ holiday, it is delayed to the next day that is not a​ Saturday, Sunday, or holiday.

Option (A), Option (B) are incorrect as due date is incorrect and Option (D) is incorrect as there is no such classification of individuals & C corporations and partnerships & S corporations regarding due date. Only classification is fiscal year and calendar year.

ekkarill92 answered 9 months ago
Next > < Previous

Related Solutions

Isabella files her income tax return 180 days after the due date of the return without...
Isabella files her income tax return 180 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $90,000, which is the balance of the tax she owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Isabella's failure to file penalty and and failure to pay penalty. Failure to pay $ Failure to file $
If you don't file your tax return by the due date and assuming that your money,...
If you don't file your tax return by the due date and assuming that your money, you would be hit with two penalties: failure to file and failure to pay. The failure-to-file penalty is equal to 5% of the taxes you owe for each part of a month you're late, up to a maximum of 25% of unpaid taxes. Therefore, this penalty reaches its maximum after a 5-month filing delay. For example, if you're two days late with filing and...
If you don't file your tax return by the due date and assuming that you money,...
If you don't file your tax return by the due date and assuming that you money, you would be hit with two penalties: failure to file and failure to pay. The failure-to-file penalty is equal to 5% of the taxes you owe for each part of a month you're late, up to a maximum of 25% of unpaid taxes. Therefore, this penalty reaches its maximum after a 5-month filing delay. For example, if you're two days late with filing and...
a calendar-year tax payer filed an individual tax return for 2020 on March 20, 2021. The...
a calendar-year tax payer filed an individual tax return for 2020 on March 20, 2021. The tax payer Neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return. what is the latest date the internal revenue services can assist tax and assert and notice of deficiency?
Which of the following taxpayers need not file a tax return for 2019? Married taxpayers (ages...
Which of the following taxpayers need not file a tax return for 2019? Married taxpayers (ages 69 and 67 years), filing jointly, with gross income of $26,724. An unmarried taxpayer who is over age 65, with gross income of $20,771. An unmarried taxpayer, under age 65, with gross income of $26,058. An unmarried taxpayer, over age 65, filing as head of household with gross income of $20,830. All of the above taxpayers must file a return.
For the following taxpayers, determine if they are required to file a tax return in 2020....
For the following taxpayers, determine if they are required to file a tax return in 2020. Ricko, single taxpayer, with gross income of $15,000. 2. Fantasia, head of household, with gross income of $17,500. 3. Ken and Barbie, married taxpayers with no dependents, with gross income of $20,000. 4. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $25,500. 5. Janyce, single taxpayer, age 73, with gross income of $13,500.
ndividual A ("A"), Individual B ("B"), both calendar year taxpayers, and Corporation C ("C") with a...
ndividual A ("A"), Individual B ("B"), both calendar year taxpayers, and Corporation C ("C") with a fiscal year end June 30, form Partnership P ("P") on January 1 of Year 1. P manufactured widgets and is not a passive activity.   A contributes $300,000 cash in exchange for a 30% ownership interest (profits and capital), B contributes property with a fair market value ("FMV") of $400,000 and adjusted basis of $110,000, but subject to a non-recourse mortgage of $100,000 (which is...
Individual A ("A"), Individual B ("B"), both calendar year taxpayers, and Corporation C ("C") with a...
Individual A ("A"), Individual B ("B"), both calendar year taxpayers, and Corporation C ("C") with a fiscal year end June 30, form Partnership P ("P") on January 1 of Year 1. P manufactured widgets and is not a passive activity.   A contributes $300,000 cash in exchange for a 30% ownership interest (profits and capital), B contributes property with a fair market value ("FMV") of $400,000 and adjusted basis of $110,000, but subject to a non-recourse mortgage of $100,000 (which is...
Ralph and Teresa, two calendar year taxpayers, are starting a new manufacturing business. They intend to...
Ralph and Teresa, two calendar year taxpayers, are starting a new manufacturing business. They intend to incorporate the business with $600,000 of their own capital and 42 million of equity capital obtained from other investors. The company expects to incur organizational and startup expenditures of4100,000 in the first year. Inventories are a material income-producing factor. The Company also expe3cts to incur losses of $500,000 in the first two years of operations and substantial research and development expenses during the first...
A and B, both calendar year noncorporate taxpayers, are equal partners in the AB partnership, which...
A and B, both calendar year noncorporate taxpayers, are equal partners in the AB partnership, which had the following income and expenses during its (business purpose) taxable year that ended on July 31 of the current year: Gross receipts from inventory sales $100,000 Cost of goods sold $30,000 Salaries paid to nonpartners $10,000 Depreciation $12,000 Advertising expenses $8,000 Interest expense paid on investment margin account maintained by AB (see § 163(d)) $6,000 Gain from the sale of machine held for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT