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Updated almost 4 years ago on . Most recent reply

User Stats

338
Posts
129
Votes
Sam Erickson
  • Real Estate Broker
  • Milwaukee, WI
129
Votes |
338
Posts

"We charged a penalty on your Partnership tax return"

Sam Erickson
  • Real Estate Broker
  • Milwaukee, WI
Posted

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

User Stats

338
Posts
129
Votes
Sam Erickson
  • Real Estate Broker
  • Milwaukee, WI
129
Votes |
338
Posts
Sam Erickson
  • Real Estate Broker
  • Milwaukee, WI
Replied

Thanks, @Eamonn McElroy for the info, and the proficient scolding.

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