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Form 1065-B online Oregon: What You Should Know

If a partnership is a sole proprietorship as defined in s. 501(c) (1) (A), a partnership must file an information return form 1065-B (Business Ownership Information) for each partnership owned by sole proprietors. The return must contain the tax withheld on the partnership's gross income, net income, gross and net profit, and net earnings per period. (2) It is a violation of s. 594.020(3) (5) of the business laws of Oregon to refuse to file a U.S. partnership return to the extent required in subsection 590.933(1)(a) of the Oregon Revised Statutes and subsection 550.933(1) of the Oregon statutes. If the partnership has a tax advisor, the partnership must use a tax advisor, but if the partnership does not have a tax advisor, then the partnership must use the tax advisor specified in subsection 590.933(2) (2) (A) of the Oregon Revised Statutes. An information return is required of the nonresident taxpayer of partnership in each taxable year or taxable period. Failure of any partner to pay amounts due under the partnership return in a timely manner shall result in penalties of 10 percent of the payment per month that is overdue. The partnership may use the penalty in lieu of interest or a penalty of the greatest of 10 percent or 10 percent of the payment per month that is overdue until the date of payment. The penalty may not be waived or reduced by the parties or by the court. If the partnership will be in jeopardy of financial ruin if it fails to pay its taxes, the filing of a partnership return is therefore encouraged. Section 590.933 of the Oregon Revised Statutes The following persons may file returns, use forms or prepare returns on behalf of the person filing the return: The partnership tax and the partnership's tax return. A partnership may submit its tax return on paper to the Secretary of State. However, if the partnership is self-taxing, it must submit its return electronically. It is advisable to obtain forms or instructions to obtain and utilize electronic tax records. The partnership of a U.S. small business may prepare and file a joint return with a partnership return. A joint return may be filed if all partners have an interest in the partnership and all partners are equally eligible for the partnership. If any partners are not eligible for partnership, a joint return under ORS 592.

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