Memo 3
Scenario: Carolynn Lopez is your new tax client. In 2015,
Carolynn earned $150,000 from a coffee shop, but she didn’t make estimated tax
payments. You estimated that her 2015 tax would be about $28,000. Carolynn does
not want to pay her tax on 4/15/2016 due to financial issue. Carolynn also let
you know that her 2014 tax was $32,000.
You are Carolynn’s adviser for 2015.
Requirements:
Please search for following information via the IRS.gov
1.
Tax estimated required payment
2.
Penalties and interest for not paying estimated
tax and not paying tax on the due date.
Please use Publication N746 and P505 and IRS.gov to conduct
this research.
https://www.irs.gov/pub/irs-pdf/n746.pdf
https://www.irs.gov/publications/p505/index.html
Based on your research, please advice Carolynn the
consequences and also let her know the penalties and interests.
