What is the term for a tax return filed after the due date that incurs penalties?

• A. Amended return
• B. Late return
• C. Early filing
• D. Extension return

Answer: (B)

The correct term for a tax return filed after the due date that incurs penalties is indeed "Late return." When a taxpayer submits their tax return past the official deadline, it is classified as a late return. Penalties may be assessed by the IRS, which can include failure-to-file and failure-to-pay penalties. These penalties are designed to encourage timely compliance with tax filing requirements.

In contrast, an amended return refers to a return that is filed to make changes or corrections to a previously submitted tax return. An early filing simply implies submitting a tax return before the due date, while an extension return refers to a situation where the taxpayer has filed for an extension to submit their tax return, which grants additional time but must be filed before the original deadline. These other terms do not accurately describe a return that is submitted after the due date and incurs penalties.