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What is the approximate late filing penalty for filing a return seven months late if the...

What is the approximate late filing penalty for filing a return seven months late if the balance due on the return is $7,000? A. $0, B. $490, C. $1,750, D. $2,450

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Answer #1
In Case of Delayed Return Filling, two types of penalities are applicable
One is for Late filling and One is for late paying.
As per IRS Tax Tip 2017-51, April 20,2017
Combined Penalty will be applied for Maximum amount of 5% per Month
with a maximum capping of 25% of amount due
Balance Due 7000
5% of Balance Due* No of Months 7000*5%*7
A 2450
25% of Balance Due 25%*7000
B 1750
Minimum of A or B 2450 or 1750
Answer is C 1750
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