My client filed their S Corporation tax return late but the personal returns with the k-1s weren't. Is it possible to avoid the late filing penalty and if so, what has worked in the past?

ANSWER

Expert James Noone's Answer:

 It ia always a good idea to request relief for a penalty...at least give it a shot.

The must be "reasonable cause" to be relieved of the penalty.  I have has success with seeking reasonable cause for such things as sickness, fire where records stored, flood where records stored, forgetfulness of old age, and reliance on the advice of an accountant.

James Noone, CPA

New Hampshire

30 yrs experience

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