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June 5, 2019
Solved

Is it required to file a 1065 partnership return if I filed an LLC in the state of Missouri but the corporation has not made any income only acquired losses(expenses)?

  • June 5, 2019
  • 1 reply
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Also, what would be the benefit of filing if we did not have to do so?
Best answer by RichardG

According to the IRS, a partnership must file a return "unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes."  So if the partnership has deductible expenses for 2016, it's required to file a federal tax return.  You can prepare the partnership return using TurboTax Business

For a calendar year partnership, the return was due March 15.  The penalty for failure to file is $195 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.   A similar rule probably exists for Missouri.

1 reply

RichardGAnswer
Employee
June 5, 2019

According to the IRS, a partnership must file a return "unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes."  So if the partnership has deductible expenses for 2016, it's required to file a federal tax return.  You can prepare the partnership return using TurboTax Business

For a calendar year partnership, the return was due March 15.  The penalty for failure to file is $195 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.   A similar rule probably exists for Missouri.