Form 1065 — Partnership Return
Annual federal information return for partnerships and multi-member LLCs taxed as partnerships. Due 15 March for calendar-year filers. 6-month extension via Form 7004 to 15 September.
Finn tracks your United States deadlines
AccountsOS handles tax, filing deadlines and invoicing for United States businesses, in plain English. Ask Finn about yours, no signup needed.
Who this applies to
- Partnerships (general, limited, LLP)
- Multi-member LLCs (default partnership taxation)
- Joint ventures unless excluded from Subchapter K
What to file
Form 1065 with K-1 for each partner, P&L, balance sheet, M-1/M-2 reconciliations, partner basis schedules.
How to file
Electronically via authorized e-filers. Distribute K-1s to partners by 15 March.
Payment due
Partnership doesn't pay federal income tax. Partners pay on their K-1 share via personal Form 1040 (or partner-level corporate return).
Penalties for missing this deadline
Late filing: $245 per partner per month, max 12 months. CPAR (Centralized Partnership Audit Regime) since 2018 means partnership-level adjustments can be assessed at entity level.
Filing checklist
- Reconcile book income to ordinary business income
- Calculate guaranteed payments to partners
- Update each partner's capital account and basis
- Generate K-1 for each partner
- File electronically
- Distribute K-1s by 15 March
Common mistakes to avoid
- Treating LLC as corporation by accident (default is partnership for multi-member)
- Missing K-1 distribution deadline
- Not tracking inside vs outside basis for partners
- Forgetting state partnership tax / withholding for non-resident partners
Never miss a United States deadline
AccountsOS tracks every Internal Revenue Service (IRS) and State Secretary of State (varies by state) deadline and reminds you weeks ahead.
Try Free