Failure to File Partnership and Sub S Tax Returns

These tax returns for 2015 are due 9/15/2016. If you miss the due date, then there is a $195 penalty per partner or shareholder per month or part of a month for up to 12 months. The IRS really wants you to file these returns on time since individual returns are affected by these pass through entities. If you have a reasonable cause for late filing, you can get out of the penalty.