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I forgot to file form 7004 for extension of form 1065. I…

I forgot to file...

I forgot to file form 7004 for extension of form 1065. I tried to file the extension after 3/15/18 but it was rejected by IRS. What penalties will I incur?

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We have a LLC partnership = 2 partners

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3/23/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. My answer will be presented in the next thread.

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Customer reply replied 1 month ago
thank you

In brief, you do not qualify for the First Time Abatement relief, therefore, the penalty is $195 per month, per partner, that the return is late. SEE BELOW:

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Partnerships file IRS Form 1065, which carries a penalty of $195 a month per partner, up to a maximum of one year. The IRS counts partial months as full months, so waiting to file can be costly.

REFERENCE SOURCE:

https://bizfluent.com/list-6812686-penalties-filing-irs-form-1065.html

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You may qualify for administrative relief from penalties for failing to file a tax return, pay on time, and/or to deposit taxes when due under the Service's First Time Penalty Abatement policy if the following are true:

  • You didn’t previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty.
  • You filed all currently required returns or filed an extension of time to file.
  • You have paid, or arranged to pay, any tax due.

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

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In closing, if you do not require further assistance with this matter, I ask that you please take the time to positively rate my response by selecting 3 or more stars so that I can receive credit for assisting you. A 5 star rating is greatly appreciated. Thank you in advance.

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