Level 1

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What happens if there was a power outage as I was filing an extension and the power came on after midnight?

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ProSeries Professional

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Just-Lisa-Now-Answer

Intuit Community Champion

Good reason not to wait for the last minute to file an extension.

Did it actually get filed?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

taxiowa

Level 8

I would get my butt in gear to file return within a month because it is like $100/month per shareholder/partner per month for filing late. And remember to complete schedule L, M-1 etc now because you missed one of the excuses not to file them.

T

TaxGuyBill

It's up to $200 now.

Schedule L and M-1 etc. are required if the tax return is late? If so, I did not know that.

sjrcpa

Level 15

$210

The more I know the more I don’t know.

sjrcpa

Level 15

One of the requirements for that question is that the K-1s are provided to the owners on time.

The more I know the more I don’t know.

taxiowa

Level 8

You cannot opt out of those schedules if K1 is provided after due date of return. And with no valid extension it was just passed.

T

TaxGuyBill

I suppose there is also the penalty for not getting the K-1 to the partners on time ($270 per K-1), but I have 'heard' the IRS rarely assesses that one.

sjrcpa

Level 15

" I have 'heard' the IRS rarely assesses that one. " I think you heard wrong. My late filers always get it.

The more I know the more I don’t know.

T

TaxGuyBill

Interesting. So a 2 partner return that is less than one month late would have a $980 penalty? Wow, that's harsh.

sjrcpa

Level 15

My 2017 late filer got a $20K penalty notice. I got FTA on that one but they have to pay $6K for 2016. 2018 was filed yesterday.EDIT: I may have mixed the years up but I did get the big one abated.

The more I know the more I don’t know.

Just-Lisa-Now-

Answer

Intuit Community Champion

Good reason not to wait for the last minute to file an extension.

Did it actually get filed?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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