and LLCs' Tax Returns
If you operate your business as a partnership, the
partnership must file Form 1065, U.S. Partnership Return of
Income, on an annual basis, to report income and deductions.
Each partner must receive a copy of Schedule K-1, Partner's
Share of Income, Credits, Deductions, etc. (which is part of
Form 1065), or a substitute K-1. For partnerships with a
calendar year, the due date for the annual return and Schedule
K-1 is April 15.
For federal tax purposes, limited liability companies with
more than one member are treated as partnerships, and LLC
members are treated as partners.
A partnership may apply for an automatic three-month
extension to file its annual return by filing Form 8736, Application
for Automatic Extension of Time to File U.S. Return for a
Partnership, by April 15. The return would then be due on
July 15. If the partnership needs more time to file, it can file
Form 8800, Application for Additional Extension of Time to
File U.S. Return for a Partnership, by July 15, to apply for
an additional three-month extension. This extension is not
automatic. If the IRS grants the partnership this additional
time to file, the return will be due on October 15.
If a partnership knows that it's going to
need more time than the three-month automatic
extension, it's wise to apply for the additional
three-month extension as soon as possible.
Because the second extension is not automatic,
the sooner you know whether the IRS has granted
it, the better!
Remember, these extensions only apply to the filing of the
partnership return, not to the payment of any tax that may be
due. The partnership must pay any tax that is due by April 15 or
it may be subject to interest
and penalties on overdue taxes.
Fiscal year taxpayers. If your partnership uses a
fiscal year rather than a calendar year, the annual partnership
return (including all the applicable schedules), must be filed
no later than the 15th day of the fourth month after the end of
the partnership's tax year. A fiscal year partnership is
entitled to the same automatic three-month extension to file its
return to which a calendar year partnership is entitled. The
extension request must be filed by the date the original return
is due (the 15th day of the fourth month after the partnership's
tax year). The due date for the filing of the return then is the
15th day of the third month after the original due date of the
return. The partnership may apply for an additional three-month
extension (which is granted at the IRS's discretion), by the
15th day of the third month of the original three-month
If the additional extension is granted, the due date for the
return is the 15th day of the third month after the automatic
three-month extension was granted.