Partnerships – Filing Requirements

Tax time is here and that means its time to file your partnership return. If your business is organized as a partnership and is engaged in a trade or business or has gross income then you must file an informational return on Form 1065. During the tax year if the partnership does not receive income no has any expenses that the partnership is treating as deductions or credits for federal tax purposes then the partnership is not required to file a return.
The due date of the return, Form 1065, is the 15th day of the 4th month following the close of the partnership’s tax year. If the partnership has more than 100 partners then the return must be e-filed. The return must be signed by a general partner of the partnership. There are many rules and regulations governing partnership returns. It may be best to consult with a professional tax preparer for preparing a partnership return. This could save big headaches later on.