two possible options for filing final 1065

[developer]

My consulting business is organized as an LLC, categorized as a partnership (just myself & spouse) for tax purposes. I mostly retired a couple of years ago but maintained a handful of clients in 2022. I didn't check the 'final return' box on my 2022 1065 as I thought I might have a small amount of income this year, but it didn't turn out that way. In hindsight, the business ended at the end of 2022, although I haven't yet filed for legal dissolution with the Secretary of State.

I understand I'm required to file a final partnership return. I'm thinking it would be easier to file an amended return (1065-X) for 2022 with 'final return' box checked. Or do I need to file a 2023 1065 with all zero's? In case it makes a difference, the business holds no assets and thus is not required to file Schedules L, M-1,2,3.

 

[BIG E]

Did you file any LLC filing in 2023 for 2022? Was there any filing fee involved?
Before you do anything with IRS 1065 and/or State partnership return, I suggest you contact your Dep't of State where the LLC initially was formed to find out what, if any, dissolution forms need to be filed. Then you can proceed in filing a -0- 1065 form for 2023.
I wouldn't amend 2022 just to check the "final year" box.

 

[developer]

Thank you for your response. The state where my LLC is registered does not charge annual fees. I submitted "articles of termination" online a few weeks ago, which cost $50. If I file an amended 2022, I would be happy to not claim a $50 "loss" against 0 income for 2023, but I suppose it's not that much extra work to file a 2023 return instead (I still use fill-in PDF's to file all my tax returns!)

 

[BIG E]

Did your Dep't of State send you an acknowledgment of the termination filing.

 

[developer]

Yes

 

[BIG E]

Then the LLC is terminated as of the date of the filing or acknowledgement.
Now you can file a 2023 final return.