Form 1065 Due Date
Partnerships based in the U.S. are required to submit Form 1065, “U.S. Return of Partnership Income,” which is a tax return specifically for partnerships. Although partnerships don’t incur federal taxation, they are obligated to submit Form 1065 in order to report the partnership’s financial information and economic activities of the business to the IRS. Compliance involves understanding the important features of the business, one of which is the filing deadline. Losing track of the deadline leads to penalties.
Standard Due Date
For partnerships operating on a calendar year basis (January 1 to December 31), March 15 is the deadline for Form 1065 submission. This date corresponds to the 15th day of the third month following the end of the partnership’s tax year.
For example: A partnership with a tax-year ending 31 December, 2024 will require Form 1065 by the deadline of March 15, 2025.
If the deadline falls on a weekend or a legal holiday, the next business day is considered the deadline instead.
Fiscal Year Filers
Not all partnerships file on a calendar year. If a partnership functions on a fiscal year (any 12-month period not concluding on December 31), Form 1065 is required by the 15th day of the third month post to the close of the fiscal year.
Example: A partnership with a fiscal year ending June 30, 2025, must submit their Form 1065 by September 15, 2025.
Filing an Extension
Partnerships are able to receive up to two automatic 6-month filing extensions with IRS Form 7004. These extensions are granted with Form 7004. Once extended, filers on a calendar year will have until September 15 to file their Form 1065.
It is necessary to understand however that while filing an extension to provide a Schedule K-1 to each partner is available, these distributed schedules still must meet the deadline of the original or extended deadline.
Conclusion
Partnerships need to be mindful of the deadlines for submission of Form 1065, which is usually on the 15th of March for calendar-year partnerships and on the 15th of the third month after the close of the fiscal year for fiscal year filers. Timely submission of Form 7004 provides an extension, however, it needs to be filed prior to the original deadline in order to be effective. Compliance with deadlines and timely issuance of the Schedule K-1s is important not just for IRS regulations, but also for maintaining the firm’s good standing.
If you are unsure about your Form 1065 obligations, contact Dimov Tax today for a professional approach. Our team is ready to present expert aid.