Partnership extension

[JenMO]

TTB on page 20-1 says automatic six month extension of time to file Form 1065. Then proceeds to say extends the deadline for 5 months . Are partnerships due Sept 15?
Any way to get extended another month?

[BHoffman]

Hi Jen - No, there is no extended - extended date. The IRS will abate the late filing penalty under most circumstances. See Rev. Proc 84-35.

See Jesse's answer here:

http://www.thetaxbook.com/forums/showthread.php?t=10029&highlight=late+partnership

"Jesse
Senior Member Join Date: Aug 2005
Posts: 1,611
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I had a couple of 1065's that were mailed and the IRS wrote saying the returns were never received. After re-mail, follow up was assessment of late fees. I wrote a letter with each of the partners name and soc sec number stating:

Under Rev. Proc. 84-35 we are requesting relief of the late filing penalty assessed for the Tax period December 31, 20XX as we meet all three requirements for the reasonable cause test.

Certain small partnerships (with 10 or fewer partners) meet this reasonable cause test if:

1. All partners are individuals.
2. All partners have timely filed income tax returns fully reporting their shares of the partnership's income, deductions, and credits.
3. The partnership has not elected to be subject to the rules of consolidated audit procedures.

(Rev. Proc. 81-11, 1981-1 C.B. 651; Rev. Proc. 84-35, 1984-1 C.B. 509)

IRS wrote back saying balance due = ZERO "

[WhiteOleander]

Yes, they are due Sept 15th. (assuming a calendar year partnership). They changed this to Sept 15th several years ago. That way those who put their 1040 on extention could get the K-1s in time to timely file their returns.