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Partnership Tax Extension: File 1065 Extension Online

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Partnership Tax Extension Filing Requirements

  • File IRS Form 7004 with the IRS to obtain an extension for the Partnership Tax Return 1120-S.
  • Once the Form 7004 is accepted by the IRS, the Partnership is granted up to 6 additional months to file their 1120-S
    tax return
  • The IRS recommends e-filing Form 7004 for more efficient processing and updates on the IRS status and approval.

The Deadline to file a Partnership Tax
Extension is

March 15, 2024

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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.

Note: The extension only applies to tax filing, and Partnerships are still required to pay their tax due balance (if any) on or before the original deadline.

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

Filing a tax extension has never been easier than it is with ExpressExtension! As the market-leading, IRS-authorized e-file provider of tax extensions, we simplify the process and make it possible for partnerships to e-file their Form 7004 in minutes.

State Tax Extension for Partnerships!

Apart from federal extension, there are some states that allow Partnerships to file an extension at the state level to file their state business tax returns.

With ExpressExtension, you can file your state tax extension with both the IRS and State.

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
  • ExpressGuarantee - Get your 7004 extensions approved or your money back*
  • Option to pay the IRS balance due
  • Conveniently file from any device
  • Instant Notifications about the filing status
  • Re-transmission of rejected returns
  • Bulk upload templates and volume-based pricing for bulk filers

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!

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