Publication 1524 - U.s. Return Of Partnership Income - Department Of Treasury - 2003 Page 22

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SECTION 6
PENALTY AND WAIVER INFORMATION
FAILURE TO
Section 1224 of the Taxpayer Relief Act of 1997 requires
FILE PENALTIES partnerships with more than 100 partners (Schedules K-1) to file
their return on magnetic media (electronically as prescribed by the
Commissioner of the Internal Revenue Service). Final regulations
under IRC 6011(e), provide for a penalty to be assessed for
partnerships that meet the requirement and fail to file their return
electronically for tax year’s ending December 31, 2000 and
subsequent years. A partnership, based on the number of
partners, may incur a penalty for not using the correct media for
filing the return. The penalty is $50.00 per partner (Schedule K-1)
over 100 filed on paper.
Partnership returns filed electronically may be liable for failure to file
penalties due to missing, incomplete or unsigned signature forms.
In addition, a partnership may incur a penalty for failure to file a
timely return if the return is filed after the due date and without a
valid extension on file. The penalty is $50.00 per month up to 5
months. The maximum is $250.00 per partner.
NOTE: A partnership that attempts to transmit their Form 1065
return electronically after October 22, 2004, is still
subject to the failure to file electronically penalty.
WAIVER
Section 301.6011-3(b) of the regulations permits the IRS
INFORMATION
Commissioner to waive the electronic filing requirement if a
partnership demonstrates that a hardship would result if it were
required to file its return electronically. Partnerships interested in
requesting a waiver of the mandatory electronic filing requirement
must file a written request, and request one in the manner
prescribed by Ogden Submission Processing Center. Contact
OSPC at 1-866-255-0654 if you have questions regarding the
waiver criteria. All waiver requests and request for penalty
abatement should be mailed to the following address if using the
U.S. Postal Service:
Internal Revenue Service
Ogden Submission Processing Center
e-file Team, Mail Stop 1057
Ogden, UT 84201
Publication 1524
October 31,2003
15

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