The IRS just announced today in Notice 2017-47 that partnerships that filed their income tax returns based on the old due dates including extensions will not owe any penalties for filing late. The old due date for partnerships was the 15th day of the fourth month (April 15 for calendar year partnerships). Starting with calendar 2016 tax returns, the new due date is now the 15th date of the third month (March 15 for calendar year partnerships).
Many partnerships were not aware of the new due date, therefore, many of them filed after March 15 and by April 15 or got an extension by April 15. Under current law, these returns would be late and subject to a $200 per month per partner penalty for filing late. The new notice indicates that these partnerships will now be considered to be filed on time and no penalties will be owed.
If a partnership has already gotten a notice for filing late and paid the penalty, the IRS indicates that you do not need to do anything and they will send a refund to you. However, if you have not received a refund by February 28, 2018 (yes 2018), then you need to call the number on the penalty notice or call 800-829-1040 (and be on hold for a long time) to request your refund. This will not prevent the partnership from claiming the first time abate in future years.
This is good news and if this applies to you, be patient. You should get your penalty money back, but it may take several months.