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IRS Form 1065, U.S. Return of Partnership Income- Updated Feb 17, 2021 - 8.00 AM - Admin, ExpressExtension
As a business owner in the U.S, you must file a business income tax return with the IRS each year.
If your organization is registered as a partnership, you must file Form 1065. The IRS requires businesses to report the income, gains, losses, deductions, credits, etc., of a domestic business or other entity for any tax year.
Table of Contents
What is Form 1065?
IRS Form 1065 is a U.S Income Tax Return for businesses that are registered as Partnerships. This is an information return used to report the income, gains, losses, deductions, credits, and any other pertinent information related to the operations of the partnership. Partnerships are not subject to income taxes, but the partners are responsible for the tax liability on their shares of the partnership’s income. Schedule K-1 must be attached to the Form 1065, summarizing each partner's share of income.
Who must file Form 1065?
All Domestic partnerships that are located within the U.S must file provided that they have accumulated income and expenses. Foreign partnerships, those located outside the U.S, but with a source of income being U.S based generally, must also file.
When is the deadline to file Form 1065?
The Form 1065 must be filed no later than the 15th day of the 3rd month following the close of their tax year. For partnerships that run on a calendar year, the 1065 due date is March 15, 2021.
If the deadline falls on a Saturday, Sunday, or any legal holiday, the partnership can file on the following business day.
Can Partnerships elected as a business extend the deadline?
If your partnership is unable to prepare the Form 1065 return in time to file it with the IRS on the original deadline, there is another option. You can apply for an extension of up to 6 additional months to file your return. To do this, you simply need to complete the Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, with the IRS.
By filing this automatic extension, your partnership can extend the deadline for filing Form 1065 until September 15, 2021. There is no explanation required.
Please remember that partnerships must complete and file Form 7004 on or before the original deadline of Form 1065 to be eligible for an extension of time.
How to file Form 1065?
The Form 1065 can be filed electronically or paper filed with the IRS.
It is important to note that partnerships with more than 100 partners are required to e-file their Forms 1065 and Schedule K-1. Other partnerships have the option of paper filing their returns.
Where to mail Form 1065?
According to the IRS, when paper filing, choose the mailing address below based on your partnership’s total assets and location.
|Primary Location||Total Assets at the end of the tax year||Form 1065 Mailing Address|
|Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin||Assets below $10 million and no M-3 was filed.||
Department of the Treasury
Internal Revenue Service
Center Kansas City,
|Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin||Assets of $10 million or more OR less than 10 million but M-3 was filed.||Department of the Treasury
Internal Revenue Service
|Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming||Any amount of total assets||Department of the Treasury
Internal Revenue Service
|Foreign countries and U.S territories||Any amount of total assets||Internal Revenue Service
Center P.O. Box 409101 Ogden,
Penalties Associated with 1065 Forms?
The IRS will penalize you for the following reasons in regards to Form 1065:
- Late filing of Form 1065
- Failure to furnish information on time
Late filing of Form 1065
The following penalties are incurred if the return is filed after the regular or extended due date of the return:
- $205 for each member of the partnership for each month or partial month that the return is late for up to 12 months.
Failure to furnish information on time
The Form 1056 must be filed with Schedule K-1 attached for each partner and furnished to them. It is important that the Schedule K-1 is filed on time with the IRS and furnished to the partners as well.
- Furnishing Schedule K-1 late or with incorrect information can result in a penalty of $270 for each Schedule K-1. The maximum penalty for this offense in a calendar year is $3,339,000.
- If filers intentionally disregard their responsibility to furnish and file accurate information, the penalty rate is raised to $550 or 10% of the aggregate amount of items that should have been reported, whichever is greater.
E-file your 1065 Extension with ExpressExtension
Failure to file the Form 1065 on time can lead to IRS penalties, luckily partnerships can easily file their Form 7004 for an automatic 1065 extension of 6 months past their original deadline, March 15, 2021.
ExpressExtension is designed to make your filing experience smooth and accurate. Our application walks you through every step of the Form 7004 filing process. This means that you can complete your extension in minutes.
Do you need to make a tax payment to the IRS? Express Extension allows you to submit your payment along with Form 7004 using the following payment methods:
- Electronic Funds Withdrawal (EFW)
- Electronic Federal Tax Payment System (EFTPS)
ExpressExtension is with you through every step of the process, updating you on the status of your Form 7004. If your extension is rejected by the IRS, you are able to correct and re-transmit your form at no additional cost to you.
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