User Account

All Pages

Compute the penalty amounts

Assignment Help Accounting Basics
Reference no: EM131929550

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.

Reference no: EM131929550

Questions Cloud

Describe the most important business areas : In a few sentences, describe the most important business areas and or network infrastructure components that would be most beneficial to test.
Using triangle arbitrage : What is the profit you can earn on $7,948 using triangle arbitrage?
How can an international firm reduce order cycle time : How and why do governments interfere in ‘‘rational'' freight carrier selection? How can an international firm reduce its order cycle time?
Write an expression for the exact probability : Write an expression for the exact probability that at least 215 of the 400 watches are defective.
Compute the penalty amounts : At this point, she pays the $40,000 balance due on her 2011 tax liability of $70,000. If so, compute the penalty amounts
Examine various techniques that an organization can use : Examine various techniques that an organization can use to determine whether or not it has been the object of a security attack.
Explain the key aspects of supply-chain management : Explain the key aspects of supply-chain management. Contrast the use of ocean shipping and airfreight.
What is the smallest amount of inventory : If the firm can only replenish its supply at the start of the week, what is the smallest amount of inventory that the company.
What is the probability of booming economy : What is the probability of a booming economy occurring if these are the only two economic states?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What does the income per billing percentage calculated

Question - Based on your work in (2) above: (a) Would you recommend the adoption of ABC? Explain your answer. (b) What does the ‘income per billing' percentage calculated under the ABC approach tell you about these three accounting services

  Calculate material mix variance using 1 original standard

calculate material mix variance using 1 original standard mix ratio 2 revised standard mix ratiofor material a whose

  Elizabeth sweeney wants to accumulate 13000 by the end of

elizabeth sweeney wants to accumulate 13000 by the end of 12 years. if the annual interest rate is 6.10 percent how

  If you are a rationaldecision maker and want to maximize

white valley skiresort is planning the ski lift operation for its new ski resort.management is trying to determine

  The following information is available regarding the total

the following information is available regarding the total manufacturing overhead of bursa mfg. co. for a recent

  How many units did ceda produce during february

Direct labor standards at Ceda Manufacturing Corporation allow 5 direct labor hours for every unit produced. How many units did Ceda produce during Februar

  Define absorption and variable costing

Define absorption and variable costing and discuss its effect on production. Provide 3-4 examples that support your research and effect of these costing method.

  Claypools personnel counted the inventory on hand and

clay pooll hardwares is only hardware store in a remote area of northern minnesota. some of claypools tranactions

  Clothing makers and marketers style-one corporation

For five years, clothing makers and marketers Style-One Corporation and Trend Now, Inc., both use the phrase "Looks Great" on their labels. Style-One files a suit against Trend Now, claiming trademark infringement.

  Develop a plan for how to resolve ethical and legal issues

Develop a plan for how to resolve ethical and legal issues

  Write a request for proposal

write a brief RFP, soliciting proposals from potential contractors.- Describe how you would need to adjust your RFP to convert it into an IFB.

  What is the sum of the balances in the accounts

What is the balance of the controlling account at June 30?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd