If the partnership does not receive income and does not incur any expenses, the partnership is not required to file a return. However, the partnership is considered terminated when business or financial operations are no longer carried on by any of its partners. By the 15th day of the 4th month following the close of the tax year. Form 8800 extends the deadline an additional 3 months. Electing large partnerships and partnerships with foreign addresses will not be required to use magnetic media for tax years beginning before January 1, 2001.
Penalty is assessed against partnership.
LLCs generally have the same options as partnerships for electing tax treatment. The partnership may designate its own TMP by completing the requested information on page 2 of Form 1065. The TMP must be a general partner, or in the case of an LLC, must be a member-manager. If the partnership does not designate a TMP, the IRS has the authority to appoint one. N. Euclid Ave.