New client filed 1065 in 2016 as he was in partnership with his soon to be ex-wife. They dissolved the partnership at the end of 2017. In 2018 he will file as sole prop. My question is regarding the final partnership return. Should I check the box as final return on the 1065 or not? The business will continue.
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If the partnership dissolved in 2017 then there should be a final return filed. Depending on the nature of the business I have seen some folks wait one additional year to file the final 1065 because they may have some account receivable received after the termination in the name of the partnership and there may be other assets that take a little bit of time to dispose etc.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR
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