What is the penalty for filing a Form 1065 late?
The penalty is $205 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.
The late penalty is only assessed if the partnership is required to file a return and it either:
- Fails to file the return by the due date, including extensions, or
- Files a return that fails to show all the information required, unless such failure is due to reasonable cause.
See the 1065 Instructions for details.