The IRS increased the monthly penalty for failing to file a partnership return from $89 per partner to $195 per partner.
This penalty can be assessed for a maximum of 12 months. For example, the maximum penalty for a partnership with five partners is $11,700 (5 × $195 × 12 = $11,700).
The IRS also increased the monthly penalty for failing to file an S corporation return from $89 per shareholder to $195 per shareholder. www.laniacpa.com
The penalty can be assessed for a maximum of 12 months. For example, the maximum penalty for an S corporation with four shareholders is $9,360 (4 × $195 × 12 = $9,360).
The increased penalty applies to Forms 1120S required for tax years beginning after December 31, 2009.
Please, be careful to file timely and accurate returns.
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