Partnership Returns (Form 1065)

What we need

• Profit and loss statement and balance sheet
• Prior year's tax return
• Your partnership or LLC operating agreement
• A list of partners with each one's name, SSN or EIN, address, and profit, loss, and capital percentages
• Cash or property any partner contributed during the year — for property, include its cost and value
• Distributions of cash or property made to any partner
• Changes in each partner's share of partnership debt — anything that adjusts their basis
• Guaranteed payments made to any partner
• A list of assets or purchases made during the year to depreciate
• Estimated tax payments made during the year

Why this matters: each partner's share of income, contributions, distributions, and debt flows onto their K-1 and adjusts their basis — so the partner details need to be exact. If you're unsure on any of it, flag it and we'll work through it together.

What's included

• Review of your bookkeeping, profit and loss statement, and balance sheet
• Complete preparation of your federal partnership return
• Schedule K-1s for every partner
• Reconciling book income to tax income (Schedules M-1 and M-2) and partner capital accounts
• Secure electronic filing with the IRS and your state
• A copy of your completed return in your secure client portal
• If we make an error on your return, we fix it