Form 1065
Partnership and LLC Tax Returns
Overview
Multi-member LLCs taxed as partnerships are everywhere in Austin: two friends who opened a store, real estate investors holding property together, professional groups, family partnerships. Each has an operating agreement that decides how income, losses and distributions are split, and the return has to follow it.
David prepares Form 1065 with a K-1 for every partner, tracks tax-basis capital accounts as the IRS now requires, handles guaranteed payments and special allocations, and files the Texas franchise tax report. Single-member LLCs are reported on the owner's personal return instead, and David will tell you which applies.
Where several partners are also individual clients, the returns are coordinated so no one is waiting on a K-1 in April.
Who this is for
- Multi-member LLCs and general partnerships
- Real estate investment partnerships
- Family partnerships
- Professional groups and joint ventures
- Businesses with partners in different states
What to bring
Documents David will ask for.
- Operating or partnership agreement for new clients
- Year-end balance sheet and profit and loss
- Contributions, distributions and loans by partner
- 1099s issued and received
- Property purchase and sale closing statements
- The partnership or LLC tax organizer, completed
Worksheets
Fillable organizers for this service.
Questions
Partnerships and LLCs: common questions.
By default a two-member LLC files Form 1065 and each member receives a K-1. If the LLC elected S corporation treatment, it files Form 1120-S instead. David checks the election status for new clients.
Usually yes, from the prior returns, bank records and the operating agreement. It is a common clean-up project for new partnership clients.
Free initial consultation
Talk to David about partnerships and llcs.
Tell David what you need, by phone, email or Zoom, and get a fixed-fee quote before any work begins. In person in Austin, remote anywhere.