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Partnership & LLC Tax Organizer

March 15 Filing Deadline

Most partnership returns have a filing deadline of March 15.  Some short-year or fiscal year partnerships may have a different filing deadline. 

The penalty for late filing of a partnership return is $205 per partner per month.  If you cannot file by the March 15 deadline, you can request a 5-month extension of time to file (generally until September 15) by filing IRS Form 7004.  To be accepted, Form 7004 must be filed on or before the original due date of the return.

About Partnerships and LLCs

Partnerships and LLCs require specialized tax knowledge and accounting skills. Limited Liability Companies are a common business formation choice for new business owners who are often unfamiliar with how tax laws apply to their business. Pacific Northwest Tax Service personnel are knowledgeable about the intricacies of tax laws relating to LLCs.

LLCs that Elect Corporate Tax Treatment

If IRS has accepted an entity classification for your Partnership or LLC to be taxed as a Corporation, you should complete our C-Corporation Organizer. If your partnership has received IRS verification of S-Corporation election after filing Form 2553 you should complete our S-Corporation Organizer.

Single-Member LLC

If your LLC is owned by a single individual and has not successfully filed Form 8832 Entity Classification Election with the IRS to be taxed as a corporation, you should complete our Self-Employment Tax Organizer.

Record-keeping Requirements

All businesses are required by law to maintain income and expense records.  Record-keeping requirements are described in IRS Pub 583 Starting a Business and Keeping Records.  Generally IRS requires you keep two kinds of records for all business expenses you incur or pay:

  1. Proof of the expense - such as a receipt or log, and
  2. Proof you paid the expense - such as a cancelled check, bank statement, or credit card statement.

If you have questions about recordkeeping requirements for your business, please ask our staff.

Partnership Tax Organizer

Use this tax organizer if your business operates as a partnership or LLC, with two or more partners or members, and has not filed Form 8832 Entity Classification Election to be taxed as a corporation.

Form 1065 is a detailed tax return, used to report income and expenses of a business which operates as a partnership or is an LLC that has two or more members. To improve tax return accuracy and maximize your tax savings, we have designed our Partnership/LLC Organizer to assist you with organizing your information, and preparing for your tax interview. As a small business owner, your Partnership/LLC might be eligible for various deductions and tax credits. Be sure to notify your tax preparer if any of the following applied to your business during the year:

  • You started or purchased a business
  • You purchased real estate for use in your business or made improvements to buildings or other property used in your business
  • Purchased a hybrid vehicle or other energy-efficiency device
  • Made disabled access improvements to your property
  • You purchased or sold assets such as computers, photocopiers, production equipment, automobiles


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