Olivia, a calendar year taxpayer, does not file her 2021 Form 1040 until December 12, 2022. At
Question:
Olivia, a calendar year taxpayer, does not file her 2021 Form 1040 until December 12, 2022. At this point, she pays the $40,000 balance due on her 2021 tax liability of $70,000. Olivia did not apply for and obtain any extension of time for filing the 2021 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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a Olivia is liable for both the failure to file penalty she did not apply for and obtain an extensio...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357519240
45th Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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