Partnerhip late filing penalty 1065 form

[JOHNNYCPA]

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)

[TaxMonkey · Accepted solution]

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.

[Marc-TaxMan]

"if all the partners filed their personal returns correctly and on time" includes Partners' extension time, so in effect, extensions by all Partners can extend Partnership