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12 December, 04:59

There is one tax infraction that incurs a penalty calculated as 15% of the amount of tax owed per month with a maximum penalty of 75%. What violation incurs this level of penalty?

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  1. 12 December, 05:29
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    Fraud-Late Filing Penalty

    Explanation:

    The tax infraction that incurs a penalty calculated as 15% of the amount of tax owed per month with a maximum penalty of 75% is the Fraud-Late Filing Penalty.

    Fraud-Late Filing Penalty is the penalty for filing late if a taxpayer did not file on time due to fraud.

    The penalty is 15% of the amount of tax that should have been reported on the tax return and an additional 15% for each additional month or part of a month that the taxpayer didn't file a return. The penalty cannot exceed 75% of the unpaid tax.
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