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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3798
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Partnership never filed tax return but gave partner k-1 as

Customer Question

Partnership never filed tax return but gave partner k-1 as if it filed. What do we do?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.

The partnership should file its tax return (Form 1065) as soon as possible. The IRS utilizes information matching for documents, and since the partnership did not file a tax return with the appropriate K-1s as part of that tax return, the IRS has no record of the K-1 issued to the partner.

The penalty for failure to file Form 1065 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.

Please let me know if you require further information or clarification.

Thank you and best regards,