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partnership taxes

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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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Level 15

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.

Former Chump... umm.... AllStar.
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Level 15

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
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Level 15

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.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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Thank you for your reply

Omg. Is there a way to avoid the penalty. Explaining what happened to irs.

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Level 15

Theoretically the penalty can be waived for reasonable cause.

There is also first time abatement.


ex-AllStar
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Thanks

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