Due Dates for Returns and Extension Applications. The due date for partnership and multiple-member LLC tax returns has changed, effective with 2016 tax returns and into the future. Partnership tax returns are now due on the 15th day of the third month after the end of your fiscal (financial) year.

Do you have to elect to be taxed as a LLC?

You don’t need to elect to be taxed as a corporation first. Form 2553 is similar to Form 8832 above, with some differences. The election begins on a specific tax year and you must select the type of tax year, including fiscal year (financial year). Form 2553 discusses shareholders, but your LLC probably doesn’t have shareholders.

How are current distributions from a LLC taxed?

Under the general rule of Sec. 731(a), current distributions of cash or property are not taxable to the distributee member if the amount of cash received does not exceed the member’s tax basis in the LLC.

Do you have to pay taxes on a disregarded LLC?

A distribution of cash or property from an LLC classified as a disregarded entity has no tax ramifications because the assets transferred are already deemed the owner’s assets for federal taxes (although legal ownership is vested in the disregarded entity).

(This date was changed in 2016, for the 2017 tax year and beyond.) If March 15 falls on a weekend or holiday, the due date is the next business day. See this article about Due Dates for Business Taxes for the exact due dates for the current tax year. How Do I File a Partnership income Tax Return?

When does a partnership have to file Form 1065?

A partnership does not pay tax on its income but “passes through” any profits or losses to its partners on a Schedule K-1. Due Dates for Form 1065 are: March 15, 2017 (September 15 with extension) for 2016 tax returns.

Are there any changes to partnership income tax?

The 2017 Tax Cuts and Jobs Act had multiple changes that can affect your partnership income tax return beginning in 2018 and beyond. Some of the major changes that could affect your partnership are:

When do you have to file a partnership tax extension?

Filing an Extension for Partnership Income Taxes. To file an application to extend your partnership tax return, you must use Form 7004. This form must be filed by March 15, and taxes (estimated) must be paid by that date. You have six months to file the return, which is due September 15.