1065 penalty

[KWF]

A calendar year 2 partner domestic partnership ceases operations on april 30th, 2014.

Partnership files 2014 1065 in february/2015 indicating tax year ending 4/30/14.

Partnership receives notice of late filing penalty.

Is partnership expected to file 2014 1065 prior to 2014 forms being available?

[Roland Slugg]

Is partnership expected to file 2014 1065 prior to 2014 forms being available?

Yes. In such cases the entity should use the prior year's form and write-in the correct dates covered by the return being submitted.

The penalty in your case is probably about $2,340 ($195 pp/pm), but the partnership probably qualifies for abatement of that huge amount by invoking Rev Proc 84-35. Here is a link to one of many references about this:

https://pdxcpa.wordpress.com/2014/02/02/partnership-late-filing-penalty-2014-update/