Penalty relief for these foreign information returns is particularly significant, as the penalties for late filing are substantial. The late-filing penalty is $10,000 per form for Form 5471 and $25,000 per form for Form 5472. For Forms 3520 and 3520-A, the late-filing ...
Notice 2021-39 provides transition penalty relief to partnerships and S corporations for tax years that begin in 2021 with respect to Schedule K-2 and Schedule K-3 to Forms 1065, 1120-S, and 8865. During this transition period, a partnership required to file Form 1065, an S corporation req...