Glossary
Form 1065 (partnership return)
The annual information return for partnerships and multi-member LLCs. The entity pays no federal tax; it reports each owner's share on a Schedule K-1.
The moment an LLC has a second member, it stops being disregarded and becomes a partnership for federal tax, whether or not anyone chose that. Form 1065 is due March 16, 2026 for the 2025 year (September 15 on extension), a month before personal returns, so partners can use their K-1s.
The penalty for a late 1065 is charged per partner per month, $255 for returns due in 2026, up to twelve months, and it applies even when the partnership had no income. Partnerships with non-US partners also withhold tax on the foreign partners' share of US-connected income (Forms 8804 and 8805).
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