Partnership Form 1065, K-1 Filings Move Up 30 Days

 

As we prepare for the 2017 tax season, Bronswick Benjamin would like to make sure you’re aware of important changes in due dates, including one that is moving up on the calendar to impact the vast majority of partnerships.

Form 1065 (Return of Partnership Income) and Related Schedule K-1s.

The 2016 Form 1065 for calendar-year partnerships will be due on March 15th, 2017. In previous years, these returns were due on April 15th of the year following the close of the partnership’s tax year.

Your Next Steps

  1. Gather all of your tax documents for the coming tax season to provide to BRP. We must receive all financial information in a timely manner in order to have the partnership return completed in time for you to file it by the March 15th due date.
  2. If you are a partner in a partnership, you may receive your Schedule K-1 (partner’s deductions, credits, etc.) earlier than in prior years. As soon as you receive your Schedule K-1, please provide it to our office. If you are a partner in several partnerships, provide us a copy of your Schedule K-1s as you receive them.[1]
  3.  If you do not have your final partnership information ready to file by the March 15th deadline, there is no worry – we can extend your partnership filing deadline to September 15th! Please be aware, however, this does not extend your time to pay any income tax due so we will still need to estimate any potential tax liability you may have.
  4. If you have received your Schedule K-1 earlier than recent years, take advantage of the extra time and send it to our office to avoid the need for an extension.

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[1] Alternate language depending on the firm’s preference:
If are a partner in several partnerships, please wait to provide us copies of your Schedule K-1’s until they have all been received.

Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this Blog or for any consequential, special or similar damages, even if advised of the possibility of such damages.

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