Penalties.
Response to the following problem:
Tim failed to file his tax return on April 15 and forgot to file for an extension. He files his tax return on December 27 and encloses a check for the $11,000 balance due reported on his return.
a. Compute Tim's late filing penalty
b. How, if at all, would your answer to part a. change if Tim were able to file his tax return (and pay the amount owed) by July 15?