Procedure—IRS Extends Penalty Relief for Partnerships and REMICs:

News from RWHSG

Procedure—IRS Extends Penalty Relief for Partnerships and REMICs:

Posted by Kim Chen on January 9th, 2018

In Notice 2017-47, the IRS granted penalty relief for partnerships that failed to file their tax returns or extension requests by the new March 15 deadline. Partnerships qualified for relief if they filed returns with the IRS and furnished copies to partners (as appropriate) by the date that would have been timely before amendment by the Surface Transportation Act (4/18/17 for calendar-year taxpayers), or if they filed Form 7004 to request an extension of time to file by that date. The IRS subsequently extended the relief to Real Estate Mortgage Investment Conduits (REMICs). In a new Notice, the IRS has extended the relief for other various actions, such as making elections, contributing to a retirement plan, or paying tax; however, the entity will be liable for any interest due under IRC Sec. 6601 until the payment is made. Notice 2017-71, 2017-51 IRB .