I mistakenly filed a Schedule C with my form 1040 when my business is technically taxed as a partnership. What should I do to fix this problem?

ANSWER

The BIDaWIZ Team's Answer:

You will need to file the Form 1065 as soon as possible with the respective Schedule K-1 forms for each partner. You will also need to file an amended form 1040x to correct the mistake. Please note that there is penalty for failure to file a partnership return on time of $195 per partner per month for up to 12 months. You may be able to apply for a first-time abatement waiver with the IRS to have this penalty waived.