Partnership Tax Extension: File 1065 Extension Online

Partnerships - Tax Filing Requirements

A partnership consists of at least two business partners who share the responsibilities, gains, and losses of their business.

If your business is organized as a partnership, you must report credits and losses to the shareholders for federal purposes.

Partnerships are required to file Form 1065 to report their income and deductions to the IRS. However, they are not required to pay income tax. They pass through profits or losses to their partners, and each partner reports their share on their personal tax return.

Partners are not employees and shouldn't be furnished with a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.

When is the deadline for Filing Partnership Tax
Form 1065?

The partnerships are required to file Form 1065 on or before the 15th day of the 3rd month following the end of the Partnership’s tax year.

For Partnerships following a Calendar tax year, the deadline to file Form 1065 is
March 15, 2024.

If your partnership doesn’t operate on a calendar year, Find out your due date here.

Filing a Tax Extension for Partnership Tax Form 1065

• Partnerships that need additional time to prepare their business tax return can file Form 7004 and get an automatic extension of up to 6 months from the IRS.
• The extension Form 7004 must be filed on or before the original form 1065 deadline in order to get approved by the IRS.

Penalties Associated with Partnership Tax Return 1065

An IRS penalty will be imposed for Partnerships that fail to file Form 1065 or 7004 extension by the original deadline.

According to the IRS, the penalty amount is $220/month for each month that the return is late multiplied by the total number of partners.

File your Partnership Tax Extension with ExpressExtension

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Simplifies the Process of Filing Partnership Tax Extension

ExpressExtension simplifies the filing of your Partnership Tax Extension with the following helpful features,

• Supports Federal and State tax extensions
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• Option to pay the IRS balance due
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Our excellent, live support team is available to assist you during the filing process, reach out via email, phone, and live chat.

Avoid IRS late filing fees by e-filing your Partnership extension now!