Business Partnerships Tax Filing

Business Partnerships Tax Filing

Partnership Return (Form 1065)

Business Partnerships Tax Filing - Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. The return must be signed by a general partner. If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return.

A partnership is not considered to engage in a trade or business, and is not required to file a Form 1065, for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal income tax purposes.

See the instructions for Form 1065 for more information about who must file Form 1065.

Filing Due date. Form 1065 generally must be filed by April 15 following the close of the partnership's tax year if its accounting period is the calendar year. A fiscal year partnership generally must file its return by the 15th day of the 4th month following the close of its fiscal year.

If a partnership needs more time to file its return, it should file Form 8736 by the regular due date of its Form 1065. The automatic extension is 3 months.

If the partnership has made a section 444 election to use a tax year other than a required year, an automatic extension of time for filing a return will run concurrently with any extension of time allowed by the section 444 election. The filing of an application for extension does not extend the time for filing a partner's personal income tax return or for paying any tax due on a partner's personal income tax return.

If the due date for filing a return falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day.

Schedule K–1 due to partners. The partnership must furnish copies of Schedule K–1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions.

Business Partnerships Tax Filing
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