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.

RELATED: What changes to expect when you file your tax return in 2018

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

If you need assistance filing a form 1065, please contact our office or set up an appointment online.

 

PHOTO CREDIT: Pixabay–CC

Peekz ConsultiN LLC is a Pittsburgh-based accounting firm, located in the West Side, that caters to individuals, small businesses and nonprofit organizations. We aim to empower clients to help them take control of their finances and achieve their dreams.

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