The IRS has released Partners Instructions for Schedule K-1 also known as Form 1065. They are asking for your review and comments on the new Form. Use the Comment on Tax Forms and Publications web form to provide feedback on the content of new Form 1065. Although the IRS cannot respond individually to each comment, they do appreciate your feedback and will consider all comments submitted.
Now is the time to provide your comments on the Form 1065 and suggest changes to this newly updated form.
Here Is The 1065 Form For Review
Here Are Form 1065 Instructions
We also appreciate your commentary below to help other tax practitioners.
Why do you keep forming LLCs, partnerships or any kind of corporation when you’re not really ready to do business?
Then, you have these legal entities, with stringent tax filing responsibilities – and you do nothing.
October 15 – Electing Large Partnerships
File a 2014 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. March 16 was the due date for furnishing Schedules K-1 or substitute Schedule K-1 to the partners.
October 15 – Social Security, Medicare and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in September.
October 15 – Nonpayroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in September. Read More
If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015.
Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065, S-corps file Form 1120-S, and Fiduciaries file Form 1041, with each partner, shareholder, or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.
If all of the aforementioned entities could obtain an automatic extension to file their returns Read More