Late-filing Partnerships Catch a Break
Late-filing partnerships catch a break. Penalties generally apply when tax returns are filed late. Prior to 2016, calendar-year partnerships were required to file by April 15. A new due date (now March 15) resulted in late filing of returns and extension requests by many partnerships. The IRS has granted relief from late penalties for eligible partnerships that filed returns that would have been timely if not for the changed due date. This relief applies for the first year of filing that began after Dec. 31, 2015. (Notice 2017-47) Contact us for more information.