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Partnership late filing penalty 2024 Form: What You Should Know

Penalty for Failure to Filing an Extension If partnership fails to comply with the extension agreement, a penalty of 205.00 is assessed plus interest, to be imposed from the due date for the same period for which the extension is not in force. Relief Under the Penalty Relief Section of the IRC Section 6673(a) — This section was amended as of April 1, 2016, to permit a partnership to claim payment of the penalty due in a timely manner. The penalty relief applicable to the year 2024 is Form 6471 If partnership fails to file Form 1065 or 8604 by the due date, the due date, the partnership is subject to penalty. In addition, the penalty is assessed, plus interest, to be imposed up to the due date for the same period for which the extension is not in force. The due date is the date on which  No late fee for Form 6472 will apply. The following table shows the penalty, as of January 17, 2024 — a full six months after the deadline. Note: A late form will trigger a late filing by your partner. So, if your spouse files Form 1065, you will be filing a copy of Form 1065 and filing Form 941, and you will not be filing Form 1065 and Form 941 at the same time.

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