Stiffer Penalties for Late Filers
Congress voted an increase in penalties for failure to file either an S corporation or partnership tax return. The new penalty will be $195 per shareholder (or partner) for each month (or fraction of a month) the failure continues, up to a maximum of 12 months. EAs will note that the penalty is a steep increase from the previous $89 penalty and goes into effect for returns required to be filed for taxable years beginning after December 31, 2009.
This penalty is a steep increase from the previous $89 penalty and goes into effect for returns required to be filed for taxable years beginning after December 31, 2009.
