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Penalty per Partner


Corduroy Frog

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The penalty is indeed based on the number of partners, not the tax liability (partnerships usually pay no federal income tax).  It can be waived using the first-time penalty abatement.  Be sure it's a first timer.  I had a partner once who was chronically late, got hit with a penalty, and to appease him I wrote a letter asking for the first-time abatement.  I knew he wouldn't get it, and he didn't.  After that year he got his docs to me well before Oct 16 (now that would have to be Sept 15)!  Be aware that no penalty if they file an extension, but if they miss the Sept 15 deadline the penalty is assessed back to March.

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