Late Partnership Returns

The IRS recently issued Notice 2017-47 to provide relief for certain late-filed partnership returns, since 2016 partnership returns (Forms 1065) were due earlier than was the case in prior years (March 15, instead of April 15).  Some partnerships did not meet the new earlier due date.

The relief applies to returns covering the 2016 tax year (i.e., the partnership’s first taxable year that begins after December 31, 2015), if the partnership either filed its return by the old due date or filed an extension request by the old due date.

If a partnership filed Form 1065 with the IRS and provided Schedules K-1 to its partners by the old due date (April 18, 2017, for calendar-year entities), it will qualify for the relief.

Alternatively, if a partnership filed a Form 7004 extension request by the old due date (April 18, 2017, for calendar-year entities), and the partnership also filed Form 1065 with the IRS and provided Schedules K-1 to its partners by the extended due date (September 15, 2017, for calendar-year entities), it will also qualify for the relief.

Partnerships that qualify for such relief will receive it automatically.