"To help pay for the expansions, there is an increase in penalties for failure to file either an S corporation or partnership tax return. The new penalty will be $195 per shareholder (or partner) for each month (or fraction of a month) the failure continues, up to a maximum of 12 months. EAs will note that the penalty is a steep increase from the previous $89 penalty and goes into effect for returns required to be filed for taxable years beginning after December 31, 2009."
Here is the full Bill..... see page 18 for penalties....
Here is the full Bill..... see page 18 for penalties....
