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Updated almost 4 years ago on . Most recent reply
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"We charged a penalty on your Partnership tax return"
Hi Everyone,
I received a notice from the IRS saying My LLC that has four members was charged a fee because according to the IRS we "filed the partnership return late."
The amount is $4,920. ($205 per partner per month) x (4 partners) x (6 months).
According to the notice, the tax period listed is June 30, 2020. Which is a weird date to me. Either way, this LLC provides K-1s to the partners. We filed the LLC tax return via turbo tax business in March of 2020 and then the partners filed their K-1s with their returns.
I've tried calling the IRS 3 times about this. 2 times I've got a message saying that the call volume for my topic is extremely high and to call back. The other time I was on hold for 2 hours just to get hung-up on.
This is one of 3 partnership returns we filed last year, and so far no issues with the other.
Wondering if anyone else has run into this and what the outcome was?
Most Popular Reply
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Thanks, @Eamonn McElroy for the info, and the proficient scolding.