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

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

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.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
At Hartford Manufacturing Company, production workers in the Assembly Department are paid on the basis of productivity. The labor time standard for a unit of production is e
Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors
Daniel deposits $2,000 per year at the end of the year for the next 15 years into an IRA account that currently pays 7%. How much will Daniel have on deposit at the end of t
On december 15, 2010 pascal declared a cash dividend of $2.00 per share to stockholders of recordon december31. The dividend is payyable on january 15 2011 pascal has issued
What is an argument? A two part structure of claims, one part of which the premise or premises is given as the reason for thinking. The other part is the conclusions meaning
On January 1, 2010, Krupka LLC amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are exp
Discuss the four qualitative characteristics identified by the IASB. Contrast and compare these qualitative characteristics with the qualitative characteristics identified b
Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.