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Partnerships - An Overview
A partnership consists of at least two business partners who share the responsibilities, gains, and losses of their business. Each person contributes money, property, labor or skills, and shares in the business’s profits and losses.
If your business is organized as a partnership, the business owners must report credits and losses to their Shareholders for federal purposes.
Partnerships must file Form 1065 to report the partnership's income and deductions for the year, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners. Each partner reports their share of the partnership's income or loss 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
Partnership tax return (Form 1065) is due by the 15th day of the third month following the end of the
business’s tax year.
For the businesses that operate under the Calendar Tax year, the deadline is March 15, 2021. The deadline for the businesses with a Fiscal Tax year (Tax year ending in other months than December) is 3 1/2 months following the end of the business’s tax year.
Partnership Tax Form 1065 Extension
The IRS designed tax extension Form 7004 to provide more time to file Form 1065. Requesting an extension will allow you an additional six months to file your partnership tax return 1065 with the IRS.
Request a 1065 extension using our easy-to-use software and Get a 6-month extension instantly from the IRS. No explanation is required from the IRS to file an extension.
Late filing penalty for Partnership Tax Return 1065
The following penalty is incurred if the return is filed after the original or extended due date
of the return:
A penalty of $205 for each member of the partnership for each month or partial month that the return is late for up to 12 months.
Avoid further late filing penalties. File extension for your business operating as partnerships Now!