FEDERAL RETURN
Form 1065 preparation
We prepare the federal partnership return from your books, ownership information and supporting documents.
Port Washington, New York
Partnership tax preparation.
Form 1065, partner K-1s and careful reporting for multi-owner businesses.
Form 1065 & partner K-1s
One business return. Information for every partner.
We prepare the partnership return, issue Schedule K-1 to each partner and explain how the reported items connect to the partners’ individual returns.
PARTNERS
Schedule K-1 reporting
We prepare partner K-1s using the ownership and allocation information provided for the tax year.
NEW YORK & OTHER STATES
Applicable state filings
We identify state returns that may apply based on where the partnership operates and earns income.
MULTI-OWNER LLCS
LLCs taxed as partnerships
Many domestic LLCs with more than one owner file as partnerships unless they elect a different tax treatment.
Partnership details
Ownership activity needs a clear paper trail.
Our CPA and EA team reviews the information that makes partnership reporting different: ownership percentages, contributions, distributions, guaranteed payments and changes among partners.
When agreement terms or allocations are unclear, we identify the question so you can provide the right records or consult legal counsel when needed.
Contributions and distributions
We review partner activity recorded in the books and follow up on items that may affect tax reporting.
Guaranteed payments
We reconcile payments to partners with the business records and information needed for Schedule K-1.
Partner and ownership changes
We ask about partners joining or leaving, transfers of interests and changes in profit-sharing percentages.
Clear pricing
A quote before we start.
Fees depend on bookkeeping condition, number of partners, ownership activity, states and filing history. We review the scope before quoting the return.
More about our pricing →Zero or minimal activity returns
Starting at $750
Active business returns start at $1,200.
Discuss your partnership returnGetting ready
Start with these records.
You can book a consultation even if everything is not ready yet.
Prior returns and agreements
Last year’s Form 1065 and K-1s, formation records, ownership information and any tax notices.
Year-end financial reports
Profit and loss statement, balance sheet, general ledger and bank or credit card statements.
Partner activity
Contributions, distributions, guaranteed payments, loans, partner changes and updated ownership percentages.
Books need cleanup?
We can discuss catch-up bookkeeping before preparing the return.
Bookkeeping & accounting →Simple process
From records to partner K-1s.
Discuss the partnership
Tell us about the partners, bookkeeping, operations and changes during the year.
Share your records
Upload documents securely. We review the information and follow up on questions.
Review the return
We explain the partnership return and K-1s before you authorize filing.
What tax return does a partnership file?
A partnership generally files federal Form 1065. The entity usually does not pay federal income tax itself; instead, Schedule K-1 reports each partner’s share of tax items for the partner’s own return.
Does a multi-member LLC file a partnership return?
A domestic LLC with two or more owners is generally treated as a partnership for federal income tax purposes unless it elects corporate tax treatment. We confirm the filing history and current classification before preparing the return.
Can you prepare the partners’ personal returns too?
Yes. We can coordinate partnership and individual tax preparation. Personal returns are quoted separately so each engagement is clear.
What if ownership changed during the year?
Tell us when the change occurred and provide the related records. Changes in partners or ownership percentages can affect allocations and reporting.
What if the partnership books are behind?
We can discuss cleanup or catch-up bookkeeping first. That work is separate from tax preparation and will be quoted before we begin.
Let’s talk about your partnership.
Partnership tax preparation for Port Washington and nearby business owners.