I am the managing member of a two-member LLC filing on a 1065. I received a notice under the LLC name of late filing for a previous year's tax return along with a failure-to-file penalty.
At this time, it doesn't appear that the penalties have been
transferred to my personal tax liability.
Am I personally responsible for penalties imposed on the LLC? If
so, should I try to reduce them through OIC, FTA or reasonable cause?
This will be difficult to address in a forum such as this, however, I will provide some overview commentary:
This will be difficult to address in a forum such as this, however, I will provide some overview commentary: