Or. Admin. R. 150-314-0487
(2) The penalty is $50 per month or part of a month that the partnership return is late or incomplete up to a maximum of five months. The penalty amount is multiplied by the total number of partners in the partnership during any part of the tax year for which the return is due. Although the penalty is assessed against the partnership each partner is individually liable for the penalty to the extent that the partner is liable for partnership debts generally.
Example 1: A partnership return for 2006 is due April 17, 2007. However, the return is not filed until July 3, 2007. No penalty will be assessed even though the partnership return is filed late.
Example 2: A partnership return for 2006 is due April 17, 2007. After written requests to file by the department, the partnership still does not file a return. The partnership has one general partner and three limited partners. Penalty will be assessed for failure to file a return. The penalty computation is shown below:
$50 - 5 months - 4 partners = $1,000 penalty
(4) The department may waive all or any part of the penalty if the partnership can show that there was a circumstance beyond the partnership’s control that caused the failure to file a complete or timely return. See OAR 150-305-0068.
[ED. NOTE: Computations referenced are available from the agency.]
ORS 305.100
ORS 314.724
Renumbered from 150-314.724(3), REV 34-2016, f. 8-12-16, cert. ef. 9-1-16
REV 6-2007, f. 7-30-07, cert. ef. 7-31-07
RD 5-1994, f. 12-15-94, cert. ef. 12-31-94
RD 7-1989, f. 12-18-89, cert. ef. 12-31-89, Renumbered from 150-316.467
RD 15-1987, f. 12-10-87, cert. ef. 12-31-87
RD 12-1985, f. 12-16-85, cert. ef. 12-31-85