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Olivia, a calendar year taxpayer, does not file her 2011 return until December 12, 2012. At this point, she pays the $40,000 balance due on her 2011 tax liability of $70,000. Olivia did not apply for and obtain any extension of time for filing the 2011 return. When problemed by the IRS on her delinquency, Olivia asserts: "If I was too busy to file my regular tax return, I was too busy to request an extension."

a. Is Olivia liable for any penalties for failure to file and for failure to pay?

b. If so, compute the penalty amounts.

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  • Category:- Accounting Basics
  • Reference No.:- M941141

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