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you did not tell us why type of tax entity the LLC was. It could be a single-member LLC taxed as a disregarded entity- no return is filed so there would be no penalty. the activity is reported diredtly on your 1040. Or perhaps you elected partnership, S-Corp or C-Corp taxation. an LLC that elects to be tax as a partnership, S-Corp or C-Corp has a return due date of 3/15 (calendar tax year). Other than for a C-Corp there are penalties of about $200/month for each month or fraction thereof that the return is filed late and that amount is multiplied by the number of members/partners/shareholders. if this is your first time filing late send back the notice with a written request to abate penalties as this is the first time filing late. also a statement that says steps have been taken to ensure timely filing in the future helps. the IRS has the final word
S- Corp. Yes this is my first time. And I filed on 3/28 but the letter says two months delays and fined me $880.
did you file by mail? it might not have been postmarked until April. Apparently there are two members/stockholders. your choice is to pay the penalty, the loss is irrrelevant, or as previously stated write back requesting abatement.
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