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Q: what is the tax penalty for filing a partnership return without the social security number of the partner (who refuses to turnover his number)
A: SEE BELOW:
Failure To Furnish Information
For each failure to furnish Schedule K-1
partner when due and each failure to include
on Schedule K-1 all the information required
to be shown (or the inclusion of incorrect
information), a $100 penalty may be
imposed for each Schedule K-1 for which a
failure occurs. The maximum penalty is $1.5
million for all such failures during a calendar
year. If the requirement to report correct
information is intentionally disregarded, each
$100 penalty is increased to $250 or, if
greater, 10% of the aggregate amount of
items required to be reported, and the $1.5
million maximum does not apply.
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