thegoodbrotherb
Level 2
07-13-2020
08:15 AM
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I have a client with a partnership but one member left last year how do i file the taxes 1065 or schedule c
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sjrcpa
Level 15
07-13-2020
08:42 AM
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Part of the year it was a partnership so file 1065 for that period. Then it is a sole proprietorship on Schedule C.
Ex-AllStar
abctax55
Level 15
07-13-2020
10:01 AM
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And it's highly likely that partnership return is late.... with the resulting possible penalties of $ 195 (or has is gone up...) per partner per month.
"*******Tax software is no substitute for a professional tax preparer*******
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thegoodbrotherb
Level 2
07-13-2020
10:10 AM
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Thank you for your reply
Omg. Is there a way to avoid the penalty. Explaining what happened to irs.
thegoodbrotherb
Level 2
07-30-2020
12:01 PM
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Thanks
sjrcpa
Level 15
07-30-2020
12:36 PM
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Theoretically the penalty can be waived for reasonable cause.
There is also first time abatement.
Ex-AllStar
