Response to the following :
1. Penalties
Suzy files her tax return on April 1. Her return shows a balance due of $1,000. Suzy encloses a check payable to the Department of the Treasury in the amount of $700. Compute Suzy's late payment penalty if she pays the rest of the balance due ($300) on August 31.
2. Preparer Responsibilities
What penalty does the IRS impose on a tax preparer that intentionally disregards the rules and regulations, or willfully understates the taxpayer's tax liability?