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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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My business partner and I formed a partnership and filed

Customer Question

My business partner and I formed a partnership and filed form 1065 for tax year 2014. In 2015 we did not make any money and had very few expenses. We were advised by our tax accountant at the time. That we did not need to file a 1065 for that tax year. Now, for 2016 we will be filing, as we have both income and expenses. Our. Current tax person says we should have filed a zero return for 2015 and might be facing a penalty because we did not. Who is correct?
Submitted: 6 months ago.
Category: Tax
Expert:  Mark D replied 6 months ago.

A Partnership must file a return unless dissolved and a final return has been filed. Based on your information, you should have filed a 2015 1065 with all income and expenses, even if no income. You will get hit with a late filing penalty, but it can be abated upon request if a first time offense.

Expert:  Mark D replied 6 months ago.

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