The due date for partnership returns was changed for 2016 returns due in 2017.
The due date changes with the most impact will likely be those changes for Partnership tax returns (Form 1065) and C Corporation tax returns (Form 1120). Essentially the due dates have swapped, with Partnership returns due March 15th and C Corporation returns due April 18th. The significant reorganization of due dates is intended to assist individuals involved in pass-through entities in receiving information required to prepare their individual returns in a more timely fashion.
Form 1065 is an information return used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. 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.
If you are a partner in a partnership, the information you need to prepare your individual tax return is on the Schedule K-1 you received from the partnership, not on Form 1065. K-1s can be complicated forms with lots of lines, but TurboTax asks about the data you need to enter.
For instructions on entering your Schedule K-1 for your individual tax return, see Related Information below.
Why was this not made clear when using Turbo Tax? I just got hit with a $390 penalty because I was 11 days late! I think TT should cover this!
Terrible notification by Turbo Tax, I just received the same $390 penalty. I thought I filed 15 days early.
Same here, $390..filed 2 weeks "early" but turns out it was 2 weeks late?! How did TT not have any mention of this while working on taxes
I just got a letter from the IRS stating a penalty of $585.00 for not filing on time. I was totally blindsided thinking I had filed early on April 6th. I called the number 1-800-829-0115 which was on the letter to call if I thought the letter was incorrect. They informed the the date had changed for partnerships. Can't believe Turbotax did not give us a heads up somewhere in the application or process. Anyway, they forgave the late charge because I have never had another incident with the IRS filing. Give it a try. I'm sure most of us are confused.
Wow! Way to go TuboTax! Totally unnecessary to emphasize the shorter due date. No business is going to mind paying a late penalty because you only have ONE single line referencing this critical information. And when we file our taxes after this year's new shorter due date, but before the traditional due date, we clearly have no interest in a warning that we are going to get hit with a costly penalty. Thank you so much, I didn't need that $390 anyway. I only wished spent an equal amount of next-to-no-time on your dumb splash screen trying to make sign up for more Intuit services.
I also received a late penalty of $780 because I filed my 1065 on April 18th! This is unbelievable that the date was changed and I never received any kind of notice either from the IRS or TurboTax! Great job TurboTax for staying "up-to-date" on tax laws like you state as one reason for using your software.
TT was very remiss in not warning anyone about such a critical deadline changing. I've always relied on TT for business tax and help but I can't anymore.
Same. just got my $390 penalty. Has anyone contacted TT on this? i feel they are responsible ... the S/W does not print due date anywhere? or did i miss it
janmill3 - Thanks for the tip. Called the IRS and they gave me my one time abatement after they researched the account and determined on time filing for all past returns.
We received a penalty June 26th from the IRS for late filing our form 1065 on April 14, 2017. We had no notification from the IRS or Turbo Tax of the change in due date until completing the 1065 in April. I called the IRS today and asked for an abatement for payment. Since we have never received a penalty for late filing, the agent removed the penalty ($780.00) as a one-time courtesy. Thank you for the tip janmill3!!
Lack of notice by Turbo Tax during 2015 tax filing season when the law changed in 9/2015 and again not proactive with notification until we actually go and file our extensions . . . which happen to be after the March 15, 2017 date. It's like TurboTax DIDN'T know our business types from all the years past of being a customer? I would argue that TurboTax had a responsibility to notify us all in during the 2015 filing season in Q1 2016 as a reminder of changes for the 2016 year, and then again over the summer again reminding of the changes for our type of business accounts. And failing to do so creates liability on their part since we had previously outsourced the management and application of Tax laws for our filings with the IRS.
So which of you small business owners runs a law firm and is ready to take on a class action lawsuit against Intuit?