Discussion:1065 Late filing "recovery" penalties?
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Discussion Forum Index --> Basic Tax Questions --> 1065 Late filing "recovery" penalties?
Discussion Forum Index --> Tax Questions --> 1065 Late filing "recovery" penalties?
| 2 February 2009 | |
| LLC is out of business for several years. Way, way late 1065s had to be filed to determine K-1 income for personal 1040s for those years. IRS is now trying to collect late filing penalties from the failed LLC. It's gone. They are not hounding him personally.
Question: Does a 'recovery penalty' exist for for the responsible party fo late filing as there is for payroll trust fund taxes? Can't find anything on this. Any hints would be appreciated. | |
DouglasHolbrook (talk|edits) said: | 2 February 2009 |
| Check REv Proc 84-35 (?) for abatement of the penalties. | |
| 2 February 2009 | |
| That was my firts thought. However, he really doesn't qualify for Proc 84-35 because his personal return was filed years late as well. | |
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