I Filed My Partnership Taxes Late — Here’s How I Avoided a $5,000 IRS Penalty (First Time Abatement)

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📌 I Filed My Partnership Taxes Late — Here’s How I Avoided a $5,000 IRS Penalty (First Time Abatement)

In this video, I share how I accidentally filed my partnership tax return (Form 1065) nearly a year late — and how I used the IRS First-Time Abatement program to avoid a $5,640 penalty.

If you're a small business owner, freelancer, or creator running an LLC or partnership, this could save you thousands.

💡 Key Takeaways:

Always verify your return was submitted correctly
File Form 7004 for an extension if needed
Don’t ignore IRS penalties — you might be able to remove them!

📅 Important Dates:

Form 1065 Deadline: March 15 (every year for partnerships)
🔗 Helpful Links:

IRS First-Time Abatement Info: https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief
Form 7004 Extension: https://www.irs.gov/forms-pubs/about-form-7004

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Видео I Filed My Partnership Taxes Late — Here’s How I Avoided a $5,000 IRS Penalty (First Time Abatement) канала Talk 2 See