Announcement

Collapse
No announcement yet.

late filed 709

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    late filed 709

    If a gift tax return is filed years late and there is no tax due, just a reduction of the credit will there be penalties?
    Tags: None
    #2
    Form 709-Penalties

    Late filing penalty of 5% of tax per month up to 25%, in addition to late payment penalties and interest.
    Therefore, if no tax owed, then there would be no penalties.
    See Business QF H-7.
    Would have suggested you look in the 2005 TheTaxBook, but it is too early for that.

    Comment

    Previous template Next

    Disclaimer

    Collapse

    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

    Working...
    X