Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I have a penalty for late filing of partnership LLC tax

I have a penalty...

I have a penalty for late filing of partnership LLC tax returns and looking for examples of reasonable cause Reading about the FTA and checking if we could be eligible

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Registered LLC last year (2016), Made no income , filed 2016 tac returns in Nov and received a penalty of 195 per month of late filing

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No Personal income tax of all partners has been filed

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
12/6/2017
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 501
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out with this.

There is a first time abatement for partnerships as long as they meet a couple conditions. It is under Rev Proc. 84-35.

In order to qualify, the partnership must meet these criteria:

  • The partnership has to be a domestic partnership,
  • have 10 or fewer partners (husband and wife and their estate are treated as one partner),
  • all partners have to be natural persons (other than a nonresident alien) or an estate of a deceased partner,
  • each partner’s share of each partnership item has to be the same as their share of every other item,
  • all partners need to have timely filed their income tax returns, and
  • all the partners need to have fully reported their share of the income, deductions, and credits of the partnership on their timely filed income tax returns

If your LLC does meet the criteria, just write a letter to the IRS saying you are trying to get penalty abatement under Rev Proc 84-35 and then say that your partnership meets all the conditions listed above. The IRS will then automatically abate the penalty.

For reasonable cause, no income does not matter for the IRS. They look at things like advice from an accountant or lawyer or some tragedy that occurred that stopped you from filing.

Hope that helps. Let me know if you need anything clarified. If not, please leave a rating. Thanks!

Ask Your Own Tax Question

Hey! I just wanted to follow up and see if you had any other questions. If not, please leave a review. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 501
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 2 months ago
Thank You.
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 501
501 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
My ex husband and I NEVER filed a joint tax return in the 13
My ex husband and I NEVER filed a joint tax return in the 13 years we were married. He currently pays $500 in alimony per month. He just called to request my SSN so he can get the alimony deduction. Should I give it to him?" … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
My Pa income tax return is under standard review what does
Hi my Pa income tax return is under standard review what does that mean ? And also does the affect my federal income tax return … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
501 satisfied customers
Client wants to file a joint tax return; spouse is
client wants to file a joint tax return; spouse is incarcerated entire year; client has a Power of Attorney form 2848 dated 2/24/16; spouse was incarcerated all of 2016 & 2017, and still is; client ha… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to verify that my tax return was filed by Turbo Tax.
I need to verify that my tax return was filed by Turbo Tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
I have a Cal LLC that hasn't filed tax returns or paid the
Hi there, I have a Cal LLC that hasn't filed tax returns or paid the $800 for several years. It is a personal training business with no real assets (we use a school facility). We want to walk away fro… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am filing tax return for a deceased person. There is a
I am filing tax return for a deceased person. There is a personal representative and two people that are on the will and states any and all property be divided evenly between the two. Who gets income … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I had a Nevada partnership. No employees, 2016 tax return
I had a Nevada partnership. No employees, 2016 tax return was $0. Y closed the partnership following the procedure in Nevada. What do I have to report to the IRS and to California… read more
abci168
abci168
Principal
27 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
I have an LLC in CA. Originally it was a partnership, filing
I have an LLC in CA. Originally it was a partnership, filing a 1065 to the IRS. Now, the other partners have left and I want to file as a single member LLC, flowing back into my schedule c. The change… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
The 2013 tax return was filed in year 2015 and later
The 2013 tax return was filed in year 2015 and later realized that the amount of taxes paid were more than the actual taxes due. therefore we are planning to amend the return. Will IRS send us refund … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
I am currently a nonresident alien, but I anticipate that I
I am currently a nonresident alien, but I anticipate that I will be a resident alien for 2018, as I expect to be present in the US for the entire year. I am being asked my my employer to provide them … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
FOR GUILLERMO: What line on the 1040 income tax return is
FOR GUILLERMO: What line on the 1040 income tax return is used to determine the sponsor's income for Form I-864? Is it line 22: TOTAL INCOME? Or, line 37, ADJUSTED GROSS INCOME?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is income from an LLC passed through to personal tax return
Is income from an LLC passed through to personal tax return considered earned income, enabling me to contribute to a traditional IRA?… read more
abci168
abci168
Principal
27 satisfied customers
W, is there a amend tax return there at IRS there for me? My
Hi, my name is ***** ***** Miller, is there a amend tax return there at IRS there for me? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
99 satisfied customers
Does a non-resident alien need to file a tax return on
Does a non-resident alien need to file a tax return on interest income received from a US business loan?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x