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What is recommended? I have a final short year partnership due 1/18/2022 and the forms are not ready to e-file nor is the extension. Should I mail the extension?

ybaccountant
Level 1
With the backlog of paper returns held by IRS is there another option?
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8 Replies 8
IRonMaN
Level 15

Mail the extension.


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jeffmcpa2010
Level 8

Does it have to be a short year? or could you just run it to the end of the normal year even there was no activity after a certain point.

(That's what I did a couple of years ago when a partnership liquidated in about April). I am not saying I was correct, just how I handled it.

 

ybaccountant
Level 1

I actually thought of doing that.  With the IRS being so backlogged I do not want to mail anything to them.  However, do you think there would be an issue if I used 10/31/2021 as final accounting date on the final Texas Franchise report? What are your thoughts?

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jeffmcpa2010
Level 8

I would be consistant with the ending dates between States and Fed. Other than that I know nothing about Texas taxes.

sewcpa
Level 3

The Final TX Franchise Tax report allows you to get a "certificate of good standing" which is sent to Secretary of State with paperwork and $40.      Sec of State must finish closing the company BEFORE Dec 31st or else you have to start over by doing another Franchise Tax for the new year and another Final Franchise tax again and send everything again to Sec of State

I usually do the regular Franchise Tax report thru ProSeries and then do the Final report directly on State Comptroller website in time to complete the process. 

Since we are now in January you will need to do the 2022 regular report (using 2021 revenue) and the Final (using 2022 revenue-to-date)

YBCPA
Level 1

Thank you for your response.  All forms for the State Comptroller were filed before 12/31/2021.  I used the 10/31/21 date as the ending date to file the final TX Franchise report to get the Cert of good standing.  The Attorney completed his part by 12/6/2021 so everything was closed and completed with the state in the 2021 date.  My issue is that I cannot file the final tax return (1065) due 1/18/2021 or the extension since E-filing is not open until 1/24/2022.  I thought of changing the tax return to short year ending11/30/2021 or just 12/31/2021 but it will not match the TX Franchise reports and I am not sure if that would create other problems down the road.  I can mail the extension however I am afraid it will be lost.

Any other options?

 

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jeffmcpa2010
Level 8

Mail the extension Certified Return Receipt and keep all the copies.

sjrcpa
Level 15

Business efiling opened 1/8/22.


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