Is olivia liable for any penalties for failure to file
Course:- Accounting Basics
Reference No.:- EM13130126

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Olivia, a calendar year taxpayer, does not file her 2010 return until December 12, 2011. At this point, she pays the $40000 balance due on her 2010 tax liability of $70000. Olivia did not apply for and obtain any extension of time for filing the 2010 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.

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