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Kristina and Victor filed a joint return for the current year. They are in the 31% marginal tax bracket. Victor did not know that Kristina failed to report a prize valued at $16,000 that she won. She used the money to buy Victor a motorcycle. Does Victor meet the tests for relief under the innocent spouse provisions?

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Probably not. Although (1) Victor and Kr...

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A taxpayer who fails to file and fails to pay taxes is subject to a combined 5% monthly penalty on the underpayment.

A) True
B) False

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The maximum failure to file penalty is a total of 25% of the underpayment.

A) True
B) False

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The IRS will issue a 90-day letter (a Statutory Notice of Deficiency) if the taxpayer does not file a protest letter within 30 days of the date of the 30-day letter.

A) True
B) False

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