Form 1065 Delinquent Partnership Returns
If you haven’t filed your partnership returns, you probably haven’t filed your personal returns, or if you did, you left out the items from the K-1. A partnership distributes the net profit and loss to each of the individual tax returns. There are also limitations to taking losses when there is not enough equity in your partnership capital account. I can fix these mistakes for you and reduce the IRS problems related to this. If you need representation, please call Sherry at 713-774-4467 or email us at sherry@taxproblem.org with your questions.
Partnership Tax Return – Case
I had a case where the IRS collection officer was going to treat all the income of a partnership to my client. He has opened up a bank account in the name of the partnership. He had a partnership agreement that was prepared by his attorney and signed by him and his partnership. Since there was unfiled partnership tax returns, form 1065, there was no apparent evidence that the business was operated as a partnership. After explaining to the collection officer that there was a partnership and after filing the delinquent returns, I was able to cut my client’s income from the business in half. Maybe I can do this for you too.
Non Filed Partnership Tax Return – Benefits
When looking for a CPA or tax preparer to file delinquent partnership returns, remember that most CPA’s can prepare returns. It will benefit you more to have a CPA experienced in IRS representation.
1065 Partnership Return Filing Deadline
File by the 15th of the 4th month following the close of the tax year.
1065 Partnership Extension To File
File form 7004 to get an additional 6 months.
- If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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