Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-16-2011, 11:08 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
Under what circumstances will the IRS abate Late filing penalties for a Late Filed Partnership Tax Return?

Generally speaking, the IRS would abate the late filing penalty under the relief granted underRev Proc 84-35". The IRS has stated that "If this partnership meets the following requirements it qualifies for a penalty abatement." These are as follows

1. If the Partnership is a domestic partnership,

2. The Partnership has fewer than 10 partners.

3. The Partnership has partners that are all natural persons.

4. Each partner’s share of each partnership item is the same as his share of every other item.

5. All the partners timely filed their income tax returns.

6. All the partners fully reported their share of the income, deductions, and credits of the partnership of their timely filed income tax returns.

7. This is a newly filed Partnership tax return with the initial tax return filed late.

If the Partnership has previously filed all the tax returns on a timely basis and there were no late filing penalties assessed against this entity, this situation can also be helpful in abating this late filing penalty.

It is worth remembering the IRS can always make exceptions in certain cases, and they will allow 1 abatement only in granting any exceptions. Thus, if there are 11 partners and the tax return is late, the IRS may grant relief on a 1 time basis only!

__________________
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
Ads
Reply


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


Similar Threads
Thread Thread Starter Forum Replies Last Post
what is the fee for filing a S-Corp return one day late? dmama711 S-Corporation 1 03-19-2011 04:40 AM
IRS increases information return penalties for late filings! TaxGuru For 2010 0 11-24-2010 02:39 PM
Can I avoid late filing penalties if my 2006 partnership tax return is filed late? Redden Limited Liability Company 0 09-29-2008 07:58 PM
What are the penalties for a late filing of an LLC tax return? abax Limited Liability Company 1 12-13-2007 09:16 PM
Can the IRS abate the late filing penalty for an LLC or Partnership? TaxGuru Limited Liability Company 0 12-13-2007 06:26 PM

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

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