What is the penalty for filing a Form 1065 late?
Per the IRS, "The penalty is $220 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 has a filing requirement and it either:
- Fails to file the return by the due date (or extended due date if a timely extension was requested).
- Files a return without all required information included.
See the 1065 Instructions for details. The penalty is not calculated in Drake Tax.