April 15th is a date that most Americans won’t forget thanks to their income taxes being due. However, if you want to file for a corporate or partnership there’s a different date you need to remember. In 2016, the date was moved from April 15th to March 15th under the Highway Act. But what does this mean for you? Simply, that the due date to file partnership tax returns and issuing Schedule K-1 to partners has been accelerated by a month, and it’s the same due date as S corporations. So plan on saving taxes now!
It also means that as a partnership and/or limited liability company, you need to plan for the filing deadline change and ensure that you get relevant information to partners 30 days earlier than regular income tax filing. It’s also important to examine all aspects of your business and account for all tiers of your partnership and that all information is accounted for and vertical communication is working effectively and smoothly.
However, if this deadline has crept up on you, you do have options. Whether it’s the stress and excitement of the new year or adapting to major business changes or something else, you can file an extension by the filing date (March 15). This extension can be a lifeline to help you gather all the pertinent information to file accurately and correctly and avoid penalties.
In order to file a 6-month extension, partnerships, S Corporations, and C Corporations all use Form 7004 and individuals use Form 4868. Exempt organizations, such as nonprofits and charities, use Form 8868 to request a 3-month extension.
For more tips on filing your partnership tax forms, visit tswealth.com.