Partnership late filling penalty

Discussion in 'Trucker Taxes and Truck Financing' started by flatbeb mac, May 7, 2017.

  1. flatbeb mac

    flatbeb mac Medium Load Member

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    Aug 16, 2015
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    Yeah, got dinged for that one... $195 per member per month, seems they changed the filling date for form 1065 last year from 4/15 to 3/15. So my failure to stay on top of things cost me $780.

    The thing of it is, there are only 2 members in the partnership and it was only 1 month late. (filled after 3/15 but before 4/15) So by my calculations the penalty should be $390. The paper only says there were 2 partners and doesn't mention the number of months nor any interest amount which in this case must be 100% per month....

    Funny thing is, it's dated May 8th but I received it May 6th and it's due by May 29th. I'm cool with the original "I was late" I just don't understand the extra $390 and the time to pay seems a tad strict. Wish I could demand payment that fast! Sure it was my mistake but, I'm still going to call them Monday and ask about that extra $390. Surprised that they didn't wait a year or three and then tell me, guess I should just be happy about that lol
     
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