Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-13-2007, 06:26 PM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,413
Blog Entries: 3
Can the IRS abate the late filing penalty for an LLC or Partnership?

The good news is that the IRS has stated that under the provisions of Rev. Proc. 84-35, the following partnerships will qualify, for an automatic waiver of the Sec. 6698 (A) (1) late-filing penalty for a partnership return” provided that the following 3 situation's apply as follows;

1.The partnership has 10 or fewer partners, all of who are natural persons, that means Trusts and Estates are excluded.

2. Each partner's share of each partnership item is the same as such partner's share of every other item;

3. The partnership can establish, if requested by the IRS, that all partners have fully reported their shares of income, deductions and credits on their timely filed returns.

Under the above situation, the IRS would generally allow the abatement of late filing penalties.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning