LO.6 Olivia, a calendar year taxpayer, does not file her 2022 Form 1040 until December 12, 2023. At this point,she pays the $40,000 balance due on her 2022 tax liability of $70,000. Olivia did not apply for and obtain anyextension of time for filing the 2022 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.

a. Is Olivia liable for any penalties for failure to file and for failure to pay?Yes, Olivia is…

Answered: LO.6 Olivia, a calendar year taxpayer,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 23P

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Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. What is the maximum amount that Karen may deduct for contributions to her IRA for 2019? $__________________________ If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2019? $__________________________
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