partnership taxes

[thegoodbrotherbrokers]

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

[sjrcpa]

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

[abctax55 · Accepted solution]

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.

[thegoodbrotherbrokers]

Thank you for your reply

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

[thegoodbrotherbrokers]

Thanks

[sjrcpa]

Theoretically the penalty can be waived for reasonable cause.

There is also first time abatement.