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Problem - Olivia, a calendar year taxpayer, does not file her 2019 Form 1040 until December 12, 2020. At this point, she pays the $40,000 balance due on her 2019 tax liability of $70,000. Olivia did not apply for and obtain any extension of time for filing the 2019 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.
As a long-term investment at the beginning of the ?scal year, Prepare the appropriate journal entries from the purchase through the end of the year
The company declares a total dividend of $225,000. How will the total dividend be divided between the common and preferred stock
The ad captured Wilde's attention, in part because he recently had been concerned that the interest charges incurred by his business were getting out of line. The price, though, was somewhat higher than prices for this model he had seen elsewhere.
With this sale of the asset to the unrelated party, what is the amount of gain that should be recognized on Locke's consolidated financial statements
Prepare a standard cost summary showing the standard unit cost. Calculate the material and labor variances. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or un..
he IRS audited Samuel's return and included the $500,000 contingency fee in gross income. At the same time, Samuel was allowed a miscellaneous deduction (subject to the 2% floor) for the fee paid to the attorney. The IRS adjustment caused a tax defic..
Use this information to make General Journal entries (without explanation) required to record the events for December 31, 2018
Focus of aggregate planning from both a capacity and demand management perspective relative to the impact of revenue management changes.
imagine you have passed your cpa exam and are now employed by a fortuneacircreg 500 company. your boss tells you that
Set up the headings across a piece of paper - indicate the effect of each of the transactions on total assets, liabilities, and owner's equity
a firm has beginning inventory of 600 units at a cost of 16 dollars each. production during the period was 950 units at
Prepare a draft Balance Sheet on 31st December 2017. An invoice for gas supplies has been received in mid-January but has not yet been paid or accounted for.
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