Partnership Tax Return Filing Procedures & Deadlines:
Most partnerships elect to have a financial year which coincides with the end of the calendar year, i.e., December 31.
If your fiscal year finished on December 31, then your partnership tax returns for the year ended December 31, will be due as follows:
Federal Tax Return:
A partnership must file its income tax return (Federal Tax Return Form 1065) by the 15th day of the 4th month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 4th month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 4th month after the date it dissolved.
Therefore, since the financial year end of your partnership is December 31, the form 1065 will be due April 15.
If the Federal Tax return is not complete and ready to be filed by April 15, we may file an extension request form. This will extend the filing period for the return.
State of Florida Tax Returns:
Your corporation is also required to file Florida Form F-1065 (Florida Partnership Information Return). This return is due to be filed by May 1.
If the State Tax return is not complete and ready to be filed by May 1, we may file an extension request form. This will extend the filing period for the return.
In order to ensure that returns are filed in a timely fashion and tax due amounts are calculated and paid on or before the appropriate due dates, we would request that you please assist us by doing the following:
- Finalize your year-end book-keeping work in January by obtaining the necessary bank statements, credit card, supplier statements, etc. and gathering together all your business financial records for deliverance to our office by end of January.
- Please leave your records at our office so that we may work on them. If you will require the records for your usage after this date, then please ensure that you make copies where necessary prior to delivering the records to our office. A list of the types of records that is required is attached.
- We will log the receipt of your financial records and we will return your original supporting documents/records to you upon completion of the tax returns.
- We will require the payment via USD check of a retainer fee in order to commence work on your tax returns. You will be advised of the exact amount when your records are being delivered to our office.
List of required documentation for production of year end corporate tax returns:
- Copies of business bank statements for the year.
- Copies of business credit card statements for the year.
- Copies of merchant services credit card statements for the year.
- Copies of deposit tickets (where relevant).
- Copies of accounting records (e.g., quickbooks/peachtree/spreadsheet) for the year end.
- Copies of purchase invoices and expense receipts.
- Copies of sales invoices.