Is olivia liable for any penalties for failure to file

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Reference no: EM13130126

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.

Reference no: EM13130126

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