(Answered) Question - olivia a calendar year taxpayer does not file

Accounting

Question - 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 questioned 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.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92768209
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - blacken company manufactures motorcycles the

Question - Blacken Company manufactures motorcycles. The company's management accountant wants to calculate the fixed and variable costs associated with utility cost incurred by the factory. Data for the past five months ...

Question - crane company had 590000 shares of common stock

Question - Crane Company had 590000 shares of common stock outstanding on January 1, issued 890000 shares on July 1, and had income applicable to common stock of $2930000 for the year ending December 31, 2018. Earnings p ...

Question - yourco inc manufactures and sells two products

Question - Yourco Inc. manufactures and sells two products. Relevant per unit data concerning each product follow. Product Basic Deluxe % of sale 25% 75% Selling price $40 $48 Variable costs 55% 50% 1) Compute the weight ...

Question what is the principle of charity in at least a

Question: What is "The Principle of Charity"? In at least a paragraph, discuss a time that someone did not extend the principle of charity to you or that you did not extend the principle of charity to someone else. What ...

Question - a company incurred the following transactions

Question - A company incurred the following transactions: 1. Wages of $2,650 accrued at the end of the prior fiscal period were paid this fiscal period. 2. Real estate taxes of $7,100 applicable to the current period hav ...

Question - x company manufactures a single product product

Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...

Question use the amalgamated hat rack financial statements

Question: Use the Amalgamated Hat Rack financial statements, as detailed in Chapter 1 of the text, to answer the following questions: 1. How much is the Net Income for 2002? 2. List the two types of sales that the compan ...

Question - beyer company is considering the purchase of an

Question - Beyer Company is considering the purchase of an asset for $180,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a 9% return ...

Question - cullumber company has recorded bad debt expense

Question - Cullumber Company has recorded bad debt expense in the past at a rate of 1.5% of accounts receivable, based on an aging analysis. In 2017, Cullumber decides to increase its estimate to 2%. If the new rate had ...

Question - on january 1 20x1 mighty entity pays the fair

Question - On January 1, 20X1, Mighty Entity pays the fair value of $50,000 for a new piece of machinery with an estimated useful life of 8 years. The machine has a drum that must be replaced every four years and costs $ ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert