The total claim comes to $2,103.88, of which it looks like $1,975.00 is characterized as penalties, and $128.88 as interest. "Tax Due" is listed as $0.00, for each of the last four years it was assessed.
Yes, all penalties and interest, but no tax. This had me puzzled too...until I saw this very fine print footnote on the bottom of page 2: "UNASSESSED TAX LIABILITY(IES) HAVE BEEN LISTED ON THIS CLAIM BECAUSE OUR RECORDS SHOW NO RETURN(S) FILED. WHEN THE DEBTOR(S) FILES THE RETURN OR PROVIDES OTHER INFORMATION AS REQUIRED BY LAW THE CLAIM WILL BE AMENDED".
So yes, in other words, this $2,103.88 is just non-filing penalties on CPCE for tax years 2005, 2006, 2007 and 2008, and the interest accrued thereon. The actual tax owed is yet unknown, since Chisholm apparently never filed partnership taxes for his company, in each and every year of it's corporate existence.
Thus it's indeed possible this IRS claim could be "amended" higher...MUCH higher.
And probably nothing more will be assessed. Partnerships don't pay federal income taxes -- the income or loss passes through to their owners who pay the tax individually.
ReplyDelete"Partnerships don't pay federal income taxes -- the income or loss passes through to their owners who pay the tax individually."
ReplyDeleteThis is true:
http://www.nolo.com/legal-encyclopedia/article-29675.html
...but then it begs the question of why a 1065 was never filed. If I were an IRS agent, this would certainly raise a red flag with me.