partnership short year

[JenMO]

partners terminated in April 2018. Do I do a short year on 2017 forms? Any extra deducts or info because of new law in 2018?

[Burke]

You will do a short year on 2017 forms, referring to Page 4 of Form 1065 Instructions regarding tax years that begin and end in 2018. (I am assuming the partnership is on a calendar year basis.) Be sure the partners understand that any taxable income/losses on the K-1's are to apply to their 2018 tax returns. As well as any liquidating distributions which may come into play.
Also mark the return FINAL at the top unless your software prints this on the front of the return.

[JenMO]

What about the late filing penalties?

[Burke]

There really shouldn't be any late filing penalties, as you can file within the 3.5 months following the end of the short tax year (date of termination). Pls note I revised my first answer to your question. Sorry for any confusion.