Higher Failure-to-File Penalties for Partnerships and S Corps
The IRS has 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).
The IRS also increased the monthly penalty for failing to file an S corporation return from $89 per shareholder to $195 per shareholder. Pembroke tax guy Pembroke Pines CPA Broward County CPA Broward CPA Tax experts Small Business help small business experts local accounting experts CPA Davie 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.
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