Tax
Form 1065 (Partnership Return)
The IRS form filed by partnerships and multi-member LLCs to report income, deductions, and allocations to partners.
Form 1065 is an informational return — partnerships themselves don't pay federal income tax. Instead, the entity allocates income, deductions, and credits to partners via Schedule K-1, and partners report their share on personal returns.
Due March 15 (calendar-year partnerships), with a 6-month extension to September 15 available via Form 7004.
Penalties for late filing: $245/month per partner (up to 12 months) — adds up fast in a 10-partner firm.
Common pitfalls
- Missing the March 15 deadline (or extension) — partnerships are penalized PER PARTNER
- Misallocating special allocations (preferred returns, sweat-equity differences) — partnership agreements need to match the K-1s
- Skipping required K-1 footnote disclosures (QBI, foreign income, withholding) — flags audit risk
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