April 17 may be the big day on most taxpayers’ minds this year.
But certain businesses have to file information with the IRS before St. Patrick’s Day hits.
March 15 is the deadline for partnerships to submit their 1065 forms.
Multi-member LLCs and S corporations also must file the report, which shows income, gains, losses, deductions and credits, according to the IRS.
Individuals and many businesses must report their income to the IRS at the end of each fiscal year so the federal agency can calculate what taxes need to be paid.
But there’s a two-step system for partnerships, which don’t pay tax on their income. Instead, partnerships pass through profits or losses to their partners.
“The partnership must report its revenue, and the partners must report and pay taxes on their share of that revenue,” the IRS explains on its website.
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