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Have paid taxes and files K-1 with my personal account and…

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Have paid taxes and...

Have paid taxes and files K-1 with my personal account and my partners account, but have not filed 1065 forms as I did not know I should. Very small LLC partnership last two years 25K revenue and broke even or a little loss. How should I handle this with the IRS?

Accountant's Assistant: Which tax year are you filing for?

Since 2011 the start, but talking about 2016 and 2017

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

No that's good

Submitted: 25 days ago.Category: Tax
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5/30/2018
Tax Professional: Barbara, Enrolled Agent replied 25 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,183
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

File Form 1065 as soon as possible. The 1065 should include copies of the K-1s for each partner.

Form 1065 for 2017 was due to be filed by March 15, 2018. The penalty for late filing is $195 per partner for each month (or part thereof) up to 12 months.

Once the IRS receives and processes the 1065, it may assess a late filing penalty. If so, once you receive the penalty assessment, you can request a first time penalty abatement waiver, which is automatically granted by the IRS.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 25 days ago
How should I handle the previous years.
Customer reply replied 25 days ago
the years 2011 to 2016?
Tax Professional: Barbara, Enrolled Agent replied 25 days ago

File all 1065s for all years. Mail them in SEPARATE envelopes by certified mail, return receipt requested.

Once the IRS assesses the penalty for late filing, you can request the first time penalty abatement waiver for one year and then reasonable cause for the other years.

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Tax Professional: Barbara, Enrolled Agent replied 24 days ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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