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Link: http://www.irs.gov/formspubs/article/0,,id=210604,00.html
.....January 9th, 2011
.....The Internal Revenue Service has raised their penalties from $89.00 a month for up to one year per partner or shareholder to $195.00 a month for all 2010 corporations and partnerships that file late beyond extensions properly filed. That means the fine could be nearly $2,400 just for one stockholder.
.....Most corporations file extensions, but if you are in the habit of filing when you feel like it, that means LATE, then consider being a single member LLC instead and closing down your corporation or partnership. So far the IRS in not accessing late filing penalties for single owned LLCs, because it is filed with the Form 1040, on Schedule C.
.....In a few months all these returns will be due. Please be ready to file on time. If you must file an extension, then be ready to file long before the extensions expire.
.....See link above from the IRS website. Henry (CEO)
