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dustmel02
New Member

I applied and received a EIN number at the end of 2016, however we did not make any income. Do I still need to file a 1065?

 
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1 Best answer

Accepted Solutions
HelenaC
New Member

I applied and received a EIN number at the end of 2016, however we did not make any income. Do I still need to file a 1065?

If you did not make any money or if you did not pay any expenses or have depreciation, generally, you do not have to file a 1065 U.S. Partnership income tax return.

Per  2016 Instructions for Form 1065 - IRS.gov, a domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal tax purposes.

Penalties for Late Filing of Return: A penalty is assessed against the partnership if it is required to file a partnership return and it

  • fails to file the return by the due date, including extensions or
  • files a return that fails to show all the information required, unless such failure is due to reasonable cause.
  • The penalty is $195 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due. 
  • If the partnership receives a notice about a penalty after it files the return, the partnership may send the IRS an explanation and the Service will determine if the explanation meets reasonable-cause criteria.
  • Do not attach an explanation when filing the return.

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1 Reply
HelenaC
New Member

I applied and received a EIN number at the end of 2016, however we did not make any income. Do I still need to file a 1065?

If you did not make any money or if you did not pay any expenses or have depreciation, generally, you do not have to file a 1065 U.S. Partnership income tax return.

Per  2016 Instructions for Form 1065 - IRS.gov, a domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal tax purposes.

Penalties for Late Filing of Return: A penalty is assessed against the partnership if it is required to file a partnership return and it

  • fails to file the return by the due date, including extensions or
  • files a return that fails to show all the information required, unless such failure is due to reasonable cause.
  • The penalty is $195 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due. 
  • If the partnership receives a notice about a penalty after it files the return, the partnership may send the IRS an explanation and the Service will determine if the explanation meets reasonable-cause criteria.
  • Do not attach an explanation when filing the return.

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