My business partner filed for an extension on his taxes - which are due Monday (15). What will happen if he..

misses this date and doesn't file?

are you talking about the partnership return or their personal 1040. If the partnership return - you're both in trouble, because the 1065 and 1040 would probably both be due the same day and you both might get whacked with penalty and interest if you owe and taxes and haven't made estimated payments

This is a classic "it depends". If your partnership agreement spells out how taxes will be handled, you are OK. Chances are, though, it doesn't. If he doesn't pay, guess what? The IRS doesn't care who pays, as long as someone does.

Penalties for late filing will apply.

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