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The Online Advisor

October 2008

New Business

Partnership filing extensions shortened next year


Partnerships are "pass-through" entities that file Form 1065 reporting partnership income but paying no income tax. Instead the income "passes through" to partners who pay tax on their share of the partnership's income on their individual tax returns.

The filing deadline for Form 1065 for partnerships on a calendar-year is April 15 of the following year. An extension of time to file has been available giving the partnership an additional six months or until October 15 to file.

That will change next year. For tax returns due after December 31, 2008, the extension period is shortened from six months to five months, giving partnerships until September 15, 2009, to file their 2008 returns.

The change will benefit individual partners who will now have their K-1s a month earlier, giving them the information they need for filing their extended individual tax returns (Form 1040) due on October 15.



Before you invest in any business, it's always a good idea to discuss the proposed venture with your advisors. If you would like assistance with evaluating a business opportunity or with legitimate tax planning, please call our office.

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