Business and partnership returns for Richmond owners

This review appears on our original website, in the client's own words:

"This tax advisor is an excellent source and guidance on tax matters. For 2018 I was able to optimize my tax liability and keep a lot of my hard earned money. Example: Just a matter of requesting the IRS to grant me consideration for a first time offense for a late filing for a partnership return saved me thousands of dollars, in addition to more savings on my personal return!! That was a tremendous professional advise by Mrs. Blaga Veleva. I highly recommend her services."

Pedro P. Luzuriaga, Richmond

Every case is different, and past results do not predict yours.

The case in that review involved a late partnership return and a first-time penalty request, which is the same kind of work described below.

Because the penalty multiplies by partner and by month. For partnership returns due after 2025, the IRS lists a base of $255 per partner per month, for up to 12 months, on its failure-to-file penalty page.

A small partnership that files a few months late can face a large bill quickly. Filing on time, or asking for relief when you are late, both matter.

Partnerships also run on their own deadlines, and partners need their K-1s before they can finish their personal filings. A late 1065 can therefore hold up every partner's own return as well.

Often it can. First Time Abate covers earlier years when the partnership has a clean three-year history. For eligible 2025 returns and later, the IRS applies an Automatic Exemption from Penalty on its own when the original return is processed, with no request needed, per its penalty relief page.

Reasonable cause remains an option for everything else. Our penalty abatement page explains each route.

According to the IRS, you can ask by phone or in writing, and you do not have to name First Time Abate or send documents. Having an Enrolled Agent check the history first avoids asking for relief the partnership cannot get.

• Partnership returns on Form 1065, with partner K-1s.
• S corporation returns on Form 1120-S.
• Corporate returns.
• The owners' personal returns that pick up those K-1s.

Preparing both layers together keeps the numbers aligned. See business tax returns, and if the books need work first, bookkeeping.

Partners come and go, contribute capital or take set payments for their work. Each change shows up on the K-1s, and getting those right keeps every partner's personal return accurate.

Mostly they don't have to drive. Partners upload ledgers and bank statements to the portal and join calls from wherever they are. A balance notice such as a CP14 can go up the same way. For a full partner meeting, the FM 1960 W office works. Other cities: areas we serve.

Each partner can have separate portal access, so nobody waits on one person to forward files.

Partners who prefer email for routine questions can use it, and calls are kept for decisions.