Question: Olivia a calendar year taxpayer does not file her 2015

Olivia, a calendar year taxpayer, does not file her 2015 Form 1040 until December 12, 2016. At this point, she pays the $40,000 balance due on her 2015 tax liability of $70,000. Olivia did not apply for and obtain any extension of time for filing the 2015 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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  • CreatedSeptember 09, 2015
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