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

[taxiowa]

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.

[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]

$210

[sjrcpa]

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

[taxiowa]

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.

[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]

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

[TaxGuyBill]

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

[sjrcpa]

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.

[Just-Lisa-Now- · Accepted solution]

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

Did it actually get filed?

[IRonMaN]

Laptop computers and hotspots ---------------------- never have to worry about that again.  Or, just not wait until the last minute.  You might want to leave some notes in your file in case the IRS ever comes back and says a timely extension wasn't filed.