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10. What happens if a taxpayer does not file an information return (Form 1065ME/1120S-ME)?

Starting with tax years beginning on or after January 1, 2007 penalties are introduced for partnerships and S corporations that fail to file an information return as required by 36 M.R.S.A. §5241. The penalty is $100 if the return is filed within 30 days of receipt of a formal demand from the assessor; however, the 30-day period is extended up to 120 days if the partnership or S Corporation requests an extension in writing within the 30-day period. Otherwise, the penalty is $500.