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Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. The return must be signed by a general partner. If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return.
In 1984, the IRS created a reasonable cause exception that a âsmall partnershipâ can utilize to avoid the penalties imposed for failure to timely file a partnership return.[1] The exception has gained importance in recent years due to the increase in the penalties that are triggered by the failure to timely file a partnership return.