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ACC- Olivia, a calendar year taxpayer




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.


Paper#43923 | Written in 18-Jul-2015

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