Tax Schedule Impacts Dissolution Timeline

When it comes to issuance of K-1s, Golden Growers and Eide Bailly work as quickly as possible to get them out. This normally means mid-February for the prior calendar year. That will be the case again for 2026 tax reporting. For 2027, Tax Form 1065 & K-1s are due the 15th day of the third month after the tax year ends. For a small partnership, this may be done manually. With 1450 members, however, Eide Bailly will need to use tax software. Unfortunately, the 2027 software needed will not be available until January of 2028 with a mailing timeline in early February of 2028. The IRS penalty for filing a late partnership return is $245 per partner, per month! Fortunately, we can apply for a 6 month extension. Therefore, we can’t dissolve the cooperative until we are assured that taxes can be filed and K-1s issued no later than February 15, 2028 – that date is May 31, 2027 and could be later if we need a timeline cushion.

The Golden Growers office will be closed on the dissolution date. So in 2028, members who often call for a copy of their K-1 mailed or emailed to a winter address or their accountant will not have that luxury. Additionally, if a member moves after the dissolution date, Eide Bailly will not have a current address for them. Therefore, members will need to work directly with Eide Bailly to resolve these situations.

One more note on taxes. Pat Kautzman’s presentation at the Annual Meeting is on the GGC website. We encourage all of you to review & download it. If you have acquired or sold units since 2009, you have homework to do.