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For tax years
beginning in
2010,
the
federal
failure-to-file penalty for S-corporations and partnerships will increase
from $89 to $195 per
shareholder/partner.
The penalty
for filing a federal S-corporation tax return late is $195 per
shareholder for each month, or part of a month the tax return is filed
late (after the due date or extended due date if an extension was timely
filed),
up to a maximum of 12 months. Remember, for calendar year filers the
normal filing deadline for S-corporations is March 15th. If you file an
extension to file your S-corporation tax return, the deadline is
extended to September 15th.
The penalty
for filing a federal partnership tax return late is $195 per partner for
each month, or part of a month the tax return is late (after the due
date or extended due date if an extension was timely filed), up to a maximum
of 12 months. Remember, for calendar year filers the normal filing
deadline for partnerships is April 15th. However, for calendar year
2010, the deadline is April 18, 2011 since April 15th is Emancipation
Day which is observed in Washington D.C. If you file an extension to
file your partnership tax return, the deadline is extended to September
15th.
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