Every year, partnerships file
IRS Form 1065, an informative tax return required for both domestic partnerships and foreign partnerships, outlining their revenue, profits, losses, credits, and deductions. An Employer Identification Number (EIN) is required when filing Form 1065. Form 1065 includes sections for reporting gross income and gross income derived from business activities. This form helps the IRS assess the financial performance of the partnership. Usually, the form is submitted by the fifteenth day of the third month after the partnership’s tax year ends.