Partnership Tax Preparation
Partnership taxes are unique — and mistakes can create costly issues for both the partnership and its partners. Our CPA team prepares accurate Form 1065 returns, issues compliant K-1s, and structures reporting that minimizes risks while keeping everyone on the same page.
Why Partnership Tax Preparation Matters
Partnerships don’t pay federal income tax directly. Instead, profits and losses “pass through” to partners, who then report them individually. This makes accurate Form 1065 filings and timely K-1 distribution critical. Errors can lead to mismatched reporting, IRS notices, or disputes among partners.
Our CPAs ensure partnership returns are handled with precision. From capturing income and expenses to preparing K-1s and reviewing allocations, we simplify compliance so that partners can focus on running the business — not fixing tax mistakes.
What's Included
Federal Partnership Return (Form 1065)
Schedule K-1 preparation for each partner
Multi-state partnership tax filings
Allocation review for income, deductions, and credits
Compliance support for complex partnership structures
We Help With
Confusion around partnership reporting rules
Errors or delays in issuing Schedule K-1s
Inconsistent allocations of income, deductions, or credits
Multi-state filings for partnerships operating in several jurisdictions
IRS notices due to mismatched partner reporting
Explore More Tax Preparation Services
Estate and trust tax compliance often intersects with other filings. Explore related services in our Tax Preparation category:
- Individual Tax Preparation — accurate filings and maximized deductions
- Corporate Tax Preparation — compliance and efficiency for corporations
- S-Corporation Tax Preparation — specialized support for S-corporations
- Estate & Trust Tax Preparation — filings that protect assets and meet IRS requirements
- Expat Tax Preparation — simplified compliance for U.S. citizens abroad
- State & Local Tax (SALT) Preparation — multi-state and local expertise to reduce risks
FAQs: Partnership Tax Preparation
A CPA helps you avoid overpaying taxes and build a strategy that supports your financial goals. Here’s what you need to know about tax filing, planning, and audit representation —whether you’re in New York or anywhere in the US.
What is IRS Form 1065 used for?
Form 1065 reports a partnership’s income, deductions, gains, and losses. While the partnership itself doesn’t pay federal income tax, the return ensures proper reporting and generates Schedule K-1s for partners.
Who receives a Schedule K-1, and why is it important?
Each partner receives a Schedule K-1, which details their share of the partnership’s income, deductions, and credits. They must use this document to complete their personal or business tax return. Inaccuracies in K-1s can lead to IRS notices for both the partner and the partnership.
Do partnerships need to file state tax returns?
Yes, many states require partnership returns in addition to the federal Form 1065. If the partnership operates in multiple states, filings may be needed in each jurisdiction. We help you stay compliant across all relevant states.
What happens if my partnership misses the 1065 filing deadline?
Late filings can trigger penalties, often assessed per partner, which means costs add up quickly. Filing on time — or requesting an extension — is essential. We make sure deadlines are met and penalties avoided.
How do you handle complex partnership structures?
We work with partnerships of all sizes, including those with tiered structures, special allocations, or foreign partners. Our team ensures compliance while optimizing reporting for tax efficiency.
