Anonymous
Not applicable

Investors & landlords

a domestic partnership with a calendar year-end was required to file by 9/15/2020. technically filing late subjects it to about a $200 penalty per month per partner for each month late with a maximum penalty for 12 months. however, you are still responsible for reporting any items of income. there is no harm if there are only items of loss.   however, that would require you to file an amended return to use any losses that would be deductible and carry forward any deductible losses that could not be used for 2019. 

 

don't even think about a PLR.  the cost ranges from $0 to $174.000. It takes 2 or more months for the IRS to issue or deny the request - I don't think you get your money back. the other cost is the lawyer or tax pro which would probably be needed to properly prepare the PLR.   I don't think the IRS would issue a ruling in your case.  

 

you may want to consult a lawyer because the managing partner apparently is not fulfilling his obligations both tax and financially (failure to issue financial statements if they are required).