Will the IRS waive the late filing penalty for not filing partnership return on time. I was 5 months late.. $195 @ 5 months time 2 partners equals $2,000?
this was my intial return. I was not aware of penalty since the K-1 income went to my personal return (1040)
There are several ways in which a partnership late filing penalty can be waived, including first time abatement, reasonable cause, and Rev proc 84-35 which basically says if all the partners filed their personal returns correctly and on time then the penalty can be abated.
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