Penalty for Late Filing of 1065: What Partners Owe
You discover the problem while reviewing the partnership's tax folder. The return was due, the partners assumed someone else handled it, and the IRS has either sent a notice or is about to. The partnership may not owe federal income tax at the entity level, but that doesn't make the filing optional. Form 1065 is […]
Navigating IRS Reasonable Cause Penalty Abatement
That letter from the IRS in your mailbox is rarely good news, and seeing a penalty tacked on can make your stomach drop. But don't panic. There's a provision called reasonable cause penalty abatement, and it’s a lifeline for taxpayers who genuinely tried to follow the rules but were derailed by circumstances they just couldn't […]