This IRS link confirms the partnership failure to file penalty.
http://www.irs.gov/formspubs/article/0„id=210603,00.html
Here is the IRS S-corporation link
http://www.irs.gov/formspubs/article/0„id=210604,00.html

As always, small business services and taxation are our business. If you need help Please give Art & Business Consulting a call. We would love to engage you as a client.

Jake Beckman EA

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