Filing Form 1065 for Partnerships
01.What is Form 1065?
Partnerships and multi-member LLCs must file an annual informational return (Form 1065) with the IRS to report business revenues, expenses, profits, and losses.
02.Schedule K-1
The partnership issues a Schedule K-1 to each partner. This document breaks down the individual partner's share of profits, losses, and deductions, which the partner must report on their Schedule E (Form 1040).
03.Filing Deadline
Form 1065 is due by March 15th for calendar-year businesses, which is one month earlier than the individual filing deadline, giving partners time to compile their K-1 forms.