What are Tax deadlines for closing LLC Partnership business end of July 2023 and for Personal taxes

[orchid9]

We use Calendar Year accounting in our LLC Partnership business.    We closed the store at the end of July 2023.

Just want to make sure on the filing the final LLC Business tax return (1065).   Someone had told us it should be filed in that actual year (2023).   Should I file early before the end of year or is it still March 15, 2024?  Also, the personal side of business tax return would still be April 15, 2024?

Thank you!

[Mike9241]

if you closed the partnership LLC 7/2023 the return was due by 10/15/2023 unless you extended it.

the closing of the partnership has no effect on the filing date for your personal returns for 2023.

[orchid9]

Even if I was using the Calendar accounting method?  Should I be selecting Short Year as Tax Year? Is this why the deadline is Oct 15? 

Also, in Tax Return at end it indicates that the return cannot be filed until Jan 2024 now because all the forms are not up to date yet whether it is sent via by mail or e-file.

Now I am confused.

[Mike9241]

yes you have a short year.   2023 form are not available so if you used Turbotax business to prepare the 2022 return. you will have to start a new 2022 return (no transfer from the old 2022 return is possible). indicate the tax year is 1/1/2023 ending 7/31/2023 ad that it's a final return. I warn you that if you did not file an extension the return is now one month late. There can be a penalty of about $200 per partner for late filing filing. After 11/15 and there can be another month's penalty. if you do get a penalty notice you can request abatement.   

[orchid9]

I just want to make sure I am understanding you correctly:

I can use Turbo tax Business 2023 software but start a NEW Return in 2023 (no transfer of info from 2022 into 2023). 

I will have to file an extension even though late via mail it seems and request an abatement if I get another month's penalty (for Nov)

So I file even without the forms included now?  

[Critter-3 · Accepted solution]

I can use Turbo tax Business 2023 software but start a NEW Return in 2023 (no transfer of info from 2022 into 2023).    NO ... you will use the 2022 program again to file the short year 2023 return.

I will have to file an extension even though late via mail it seems and request an abatement if I get another month's penalty (for Nov)  It is too late to file any extensions. 

Or ( if the business has not yet closed all it's accounts yet) you could wait and simply file a final 2023 final return if you and all the partner's can agree to do so. 

[tagteam · Accepted solution]

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@Critter-3 wrote:

Or ( if the business has not yet closed all it's accounts yet) you could wait and simply file a final 2023 final return if you and all the partner's can agree to do so. 

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Sounds like the best plan at this point.

[orchid9]

Thank you for all your help...very much appreciated!!!