Partnerships Tax Filing Instructions
                     Partnerships Tax Filing Instructions
Partnership Tax Return 1065 - An Overview, 
Due Date, Extension Form 7004
Businesses Operating as a Partnerships - An Overview
The IRS defines a partnership as a business relationship between two or more 
individuals that plan to share their resources as well as the profits and losses of 
their business with or without a formal agreement. There are a few different kinds 
of partnerships:
● General Partnership (exactly as described above).
● Limited Partnership- At least one partner is liable for the debts of the 
business, while the other partner(s) are silent, or only liable for their own 
investments.
● Limited Liability Partnership- Neither partner is personally liable for the 
debts of the business. This is often the business structure chosen by 
professionals like lawyers or doctors.
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Partnerships Tax Return
● Partners should file a Form 1065, U.S. Return of Partnership 
Income for their business each year. This form was created by the 
IRS to report the gains, losses, credits, deductions, and other 
important information related to the operation of the partnership. 
● A Schedule K-1 must be attached and furnished to each partner. 
● The Schedule K-1 provides a summary of each partner's shares 
within the partnership, they must report this information on their 
personal income taxes. 
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Partnerships Tax Form 1065 Due Date
● Form 1065 must be completed and filed with the IRS no later than 
the 15th day of the 3rd month following the end of the 
organization’s tax year. 
● For partnerships operating on a calendar year, this makes their 
1065 deadline March 15, 2021.
Click here to find the Filing Methods and 1065 Mailing Address.
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Extension to File Form 1065
● Partnerships can easily file an automatic extension with the IRS for up to an 
additional 6 months of time to complete their business income tax return. 
● File Form 7004, Application for Automatic Extension of Time To File 
Certain Business Income Tax, Information, and Other Returns. 
● The IRS doesn’t require any reason or explanation for why your business is 
requesting an extension. 
● The Form 1065 extension doesn’t apply to tax payments, these must be 
made by the original deadline. 
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How to File an Extension Form for Partnerships
● The IRS permits businesses to file their extension Form 7004 on 
paper and mail it in, or they can file electronically. 
● Electronic filing is the IRS-preferred method, as it is much easier for 
them to process these forms. 
● E-filing 7004 is also a much simpler method of filing in general. 
Filers can complete and transmit their extension within minutes and 
instant IRS updates can be provided. 
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Advantages of Filing 7004 with ExpressExtension
● ExpressExtension is an industry leading IRS e-file provider, with 
many benefits that users will find extremely convenient!
● ExpressExtension offers a simple and efficient filing process based 
on over a decade of e-filing experience. 
● Make your tax payment while filing your extension. 
● File your extension in minutes, from any device, and receive instant 
IRS updates. 
● If your Form 7004 is rejected, ExpressExtension provides you with 
the precise error code. In addition, you are able to correct and 
retransmit your form at no additional cost!
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Contact Us
Reach out to our amazing, U.S based support team with any questions! 
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