Increase in Penalty for Failure to File a Partnership or S Corporation Return
NOTE: This
headliner is current through the publication date. Since changes may
have occurred, no guarantees are made concerning the technical accuracy
after the publication date.
Headliner Volume 291
March
18, 2010
IRC Sections 6698 and 6699 imposes a penalty on any partnership
or S corporation required to file an income tax return if (1) the
return filed is past the due date, including extensions, or (2) the
partnership or S corporation files a return with incomplete information.
Section 16 of the Worker,
Homeownership and Business Assistance Act of 2009, Public Law 111-92,
increases the penalty for failure to file partnership and S Corporation
Returns.
Section 16 of the WHBAA increases the current late filing
penalty of $89 per partner or shareholder to $195 per partner or
shareholder for each month (or fraction of a month) that the return is
late up to a maximum of 12 months. The amendments made by Section 16
apply to returns for taxable years beginning after December 31, 2009.
Visit IRS.gov and Search
WHBAA for more information.
