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Level 4
July 13, 2020
Solved

partnership taxes

  • July 13, 2020
  • 5 replies
  • 33 views

I have a client with a partnership but one member left last year how do i file the taxes 1065 or schedule c

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Best answer by abctax55

And it's highly likely that partnership return is late.... with the resulting possible penalties of $ 195 (or has is gone up...) per partner per month.

5 replies

sjrcpa
Level 15
July 13, 2020

Part of the year it was a partnership so file 1065 for that period. Then it is a sole proprietorship on Schedule C.

The more I know the more I don’t know.
abctax55
abctax55Answer
Level 15
July 13, 2020

And it's highly likely that partnership return is late.... with the resulting possible penalties of $ 195 (or has is gone up...) per partner per month.

HumanKind... Be Both
Level 4
July 13, 2020

Thank you for your reply

Omg. Is there a way to avoid the penalty. Explaining what happened to irs.

sjrcpa
Level 15
July 30, 2020

Theoretically the penalty can be waived for reasonable cause.

There is also first time abatement.

The more I know the more I don’t know.