Which of the following is true with regards to administrative non-compliance penalties?

Question

Accepted Answer

There is a fixed-amount non-compliance penalty that increases monthly and a percentage-based non-compliance penalty.

Answer

the fixed-amount non-compliance penalty is independent of the taxpayer's taxable income.

Answer

the fixed-amount non-compliance penalty is independent of the taxpayer's assessed loss.

Answer

the fixed-amount non-compliance penalty remains fixed until the penalty is paid.

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