Missed 1065 Partnership Filing Deadline 3-15 - Penalty?

[Shane H.]

I guess I've been living under a rock and this year is reason #300 I need to complete the hiring out of my bookkeeping.  Have never minded doing it, just don't look forward to it at all and have had a few more complex transactions last year and definitely this year.

Anyways I was thinking that the 1065 Partnership return deadline was the same as last year (Today) and did not know it was switched to 3-15-17 (After reading the reason why it makes sense) -- so my bad.  Next year will be different as I will have all the bookkeeping hired out, if I pay someone to do taxes or not will be the question - will have to see where I'm at when 12-31-17 comes around to make that jump or not.

That being said do you think if I send in the extension paperwork today I will have penalties/fines assessed? I have 2 1065 partnership returns to file both are only 2 member LLC's and I'm small at this point. I've seen in the past if they assessed a penalty and you can answer yes to all the questions you simply sign the form with any penalty assessed and mail it back and the IRS will waive the fines/penalty. I'm hoping that's the case this year -- surely I'm not the only guy who missed this deadline this year.

(Disclaimer - I understand if you are a professional somewhere out there participating in this topic - you are merely providing advice/opinion and there is nothing legal binding us - seek my own legal counsel, professionals etc etc - you will be held harmless)

[Steven Hamilton II]

There are a couple options. Look up first time abatement. The other is Rev Proc 84-35