This six-month extension may apply to additional returns that partnerships may be required to file by the due date of their Forms 1065
or 1065-B, but it does not affect the due date for partnerships filing Form 1065-B to furnish their partners with Schedules K-1.
The act directs the IRS to allow a maximum extension of six months for Forms 1065
People who file erroneous Forms 1120S will be just as likely to file erroneous Schedules C or Forms 1065
Partnership, Forms 1065
and 1065B 2,066,800 2,165,000
Such entities must comply with the disclosure instructions for grouping activities on Forms 1065
This election permits certain married co-owners to avoid filing partnership returns, Forms 1065
, if each spouse separately reports a share of all of the businesses' items of income, gain, loss, deduction, and credit with a Schedule C (Form 1040).
In preparation for litigation where the amount of income is in question, always obtain several (preferably at least three to five) years of Forms 1040 and W-2, state tax returns, and any related small business returns such as Forms 1065
, 1120, 1120S, and Schedule K-1.
NSA members save money when they order either the print or CD versions of the 1040 Quickfinder Handbook incorporating new and future changes from the 2003 Tax Act; the Small Business Quickfinder Handbook containing Forms 1065
, 1120, 1120S, 1041, 706, 709 and 990; the All States Quickfinder Handbook; and the new Tax Planning for Individuals Quickfinder Handbook: Income, Estate and Gift Tax Planning for Individuals.
Partnerships can obtain a six-month extension to file Forms 1065
, 1065-B or 8804 by filing Form 7004, "Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns" by the statutory due date of those returns.
469 are already required to be disclosed on statements filed with Forms 1065
The LLPs filed forms 1065
and K-1 identifying either the holding LLC or Paul Garnett as a "limited partner.
The instructions to the Schedules K-1 for Forms 1065
and 1120S state that for codes K and L the passthrough entity should provide the owner the following information: