Expensive failure to file S-Corp, LLC and Partnerships timely

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).

Ouch!

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.

We are Accounting and Tax Experts, we can help.

We monitor EVERY due date for EVERY client !!

Respectfully,

Joseph S. Lania, CPA
954-432-2299

joe@LaniaCPA.com

http://laniacpa.com/page/14nue/Newsletter_and_Online_Seminars/Newsletter.html

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About Joseph S Lania CPA

Joseph Lania CPA is a firm well-respected for providing prompt, personal and professional service in all of your accounting needs including income taxes, filing all personal tax returns, preparing your business taxes, expert business accounting advice, filing taxes, QuickBooks training and condo tax and audits. Our goal has always been to provide our clients with a higher level of professional service. Our mission at Joseph S. Lania, CPA is to always help our clients succeed in business, while honoring our obligation to the public, all within the framework and standards of our profession. We value our clients, and it shows in the quality of our service. Contact us at joe@laniacpa.com Call us at 954-432-2299
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