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Business & farm
Based on your facts:
- Unless you made a Section 444 election, your required year end is most likely December
- You need to fix the year end mistakes with both the IRS and IL
- I would not do anything with how you filed the current year form 1065 as I believe that is filed correctly.
- I recommend that you meet with a tax professional after April 15th and have them help you get this corrected as noted in circle 2 above.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
March 16, 2021
5:01 PM