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.One business return. Each partner’s K-1.
We prepare the partnership return, issue Schedule K-1 to each partner and explain how the reported items connect to the partners’ own tax 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.
We review 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.
Common questions
Partnership tax questions, answered.
What should I prepare before the consultation?
Before your appointment, please upload the following through our secure client portal so we can prepare for the meeting.
- Your prior-year Form 1065 and K-1s, along with recent financial reports.
- Details of partner or ownership changes and any related agreement amendments.
We will request any additional records needed for the work after you decide to proceed. If a listed item is unavailable, contact us before your appointment.
How are fees determined?
Fees depend on bookkeeping condition, number of partners, ownership activity, state filing requirements and filing history. We review the scope before quoting the return.
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.