Partnership & LLC Tax Organizer

March 15 Filing Deadline

Most partnership tax returns (Form 1065) are due March 15. Some partnerships operating on a fiscal year or short tax year may have a different filing deadline.

The IRS penalty for filing a partnership return late is assessed per partner, per month, and can be substantial. If your partnership cannot file by the March 15 deadline, you may request an automatic extension of time to file by submitting IRS Form 7004 on or before the original due date. An approved extension generally extends the filing deadline to September 15.

About Partnership Tax Returns

Partnerships and multi-member LLCs taxed as partnerships must file Form 1065, U.S. Return of Partnership Income. Although partnerships generally do not pay federal income tax, they are required to report business income, expenses, assets, liabilities, and ownership information to the IRS and issue Schedule K-1s to each partner.

Preparing a partnership return requires accurate bookkeeping, detailed records, and an understanding of complex tax rules affecting partner contributions, distributions, capital accounts, guaranteed payments, and profit-sharing arrangements. Our experienced tax professionals can help ensure your return is prepared accurately and in compliance with IRS requirements.

Is This the Right Organizer?

Use this Partnership Tax Organizer if your business:

  • Operates as a partnership or a multi-member LLC
  • Has two or more partners or members
  • Is taxed as a partnership for federal tax purposes
  • Files or is required to file Form 1065

If your entity has elected to be taxed as an S Corporation or C Corporation, please use the appropriate corporate tax organizer instead.

Recordkeeping Requirements

All businesses are required to maintain adequate books and records supporting the income and expenses reported on their tax returns. Recordkeeping requirements are described in IRS Publication 583, Starting a Business and Keeping Records.

Generally, the IRS expects you to maintain:

  1. Proof of the expense, such as invoices, receipts, or mileage logs.
  2. Proof of payment, such as canceled checks, bank statements, or credit card statements.

Good recordkeeping not only helps meet IRS requirements but also improves the accuracy of your tax return and helps maximize legitimate deductions.

Partnership Tax Organizer

Choose the option that works best for you:

Information to Discuss With Your Tax Preparer

To ensure your partnership receives all available tax benefits, please let your tax preparer know if any of the following occurred during the year:

  • The partnership started, purchased, sold, or closed a business.
  • Partners contributed or withdrew money, property, or other assets.
  • Ownership percentages changed.
  • The partnership purchased, sold, or exchanged business assets.
  • Real estate was acquired, sold, or significantly improved.
  • Vehicles, equipment, computers, or machinery were purchased or disposed of.
  • The partnership purchased energy-efficient property or qualifying vehicles.
  • Improvements were made to accommodate individuals with disabilities.
  • New loans were obtained or existing debt was refinanced.

Completing the organizer thoroughly helps us prepare an accurate Form 1065 return, properly allocate income among partners, and identify deductions and tax-saving opportunities that may otherwise be missed.