If you cannot meet the deadline for filing your return,
A) the IRS will level a penalty, regardless of whether you file an application for a time extension.
B) the IRS will grant you an automatic extension if you file an application. You will be able to file a late return and late payment of taxes without penalty. However, you may owe interest on the late tax payments.
C) the IRS will grant you an automatic extension if you file for an extension. However, you will be penalized if you have not paid your taxes by the filing date.
D) you need only to file for an automatic extension and delay paying your taxes until you actually file your return.
C
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Kershaw Mfg. depreciates using the straight-line method for financial statement purposes and an accelerated method for tax purposes. The cumulative difference between the two methods grew in the current year. Which of the following is MOST LIKELY TO BE TRUE ?
a. Kershaw reports a deferred tax liability. b. Kershaw reports neither a deferred tax asset nor a deferred tax liability. c. Kershaw reports a deferred tax asset
The trend of proliferation of information will provide greater opportunities for database services, artificial intelligence systems, and other services that facilitate the storage and transfer of knowledge
Indicate whether the statement is true or false