S-Corp Late filing fees

[cfsadvsr]

What are viable reasons for s-corps late filing without applying for an extension; in order to avoid the $89 per month per shareholder penalty?

[JohnH]

It's so new that I don't think we have much to go on.

I'd start with the truth.

If that doesn't work then you might have to rethink whether you have a viable reason, or else is it worth the risk of any other course of action.

[ChEAr$]

What are viable reasons for s-corps late filing without applying for an extension; in order to avoid the $89 per month per shareholder penalty?

From where did you get $89 per month?

[Bees Knees]

From where did you get $89 per month?

From the 12/23/2008 update.

http://www.thetaxbook.com/view_update.asp?1=121

[SFBOB]

Late filing [2] 1065 LLC Returns

I had a first year client with 2 new LLCs. I made the deadline with extensions on my only two 1120S clients, however no extensions were filed on the [2] 1065 Returns.
Has IRS sent your client an assessment notice, or are they just worried? Has anyone had a client that has been assessed this penaty?

[ChEAr$]

I hadn't remembered the exact amount of the penalty, but one client had such a penalty letter. The extension request had been mailed in before march 15th, but the 1120S was
efiled about a month later, give or take a day.

Penalty was waived with this explanation, but it seems that you can't mix and match 'em!
(grin

[BHoffman]

I forgot to file an extension for a new SCorp client with 2 shareholders. Got a POA from the client and called the tax practitioner hotline. Told the agent the truth. IRS did abate the penalty.

[S T]

Form 1065 Penalty

On the Form 1065 Penalty - I asked for relief/abatement a year or two ago using the cite for 10 or fewer partners reasonable cause test - I had a technical termination on a partnership that I had not filed an extension on - IRS granted the relief of penalty, but California did not

Sandy