Summary of Partnership Services
We provide income tax return preparation and tax planning for the various types of partnerships and individual partners. From a legal view, there are basically four types of partnerships: general partnership (“GP”), limited partnership (“LP”), limited liability partnership (“LLP”), and limited liability limited partnership (“LLLP”). However, from a income tax perspective, there is basically one type of partnership in terms of tax treatment at the entity level. All partnerships are considered flow-though entities and are required to file a partnership income tax return (IRS Form 1065). The partnershp income flows from the partnership level to each of the partners via a Schedule K-1 (“K-1″). Then, each partner reports his/her share of income received from the partnership on his/her income tax return. Partnership income at the partner’s level may received different tax treatment depending on factors such as the partner’s basis, partnership profit or loss, general partner versus limited partner, active partner versus passive partner. We assist partnerships and their partners to plan for favorable tax treatment and with filing their partnershi income tax returns. We discuss below some of our partnership income tax services.
Ways We Help Partnership with Income Taxes
We provide the following income tax servcies to partnerships and their partners:
- We assist in the structuring and formation of partnerships.
- We train owners and partners in the operation of partnerships.
- We provide bookkeeping servcies to the partnership.
- We assist with tracking and keeping up with partners’ basis in the partnership.
- We assist with determining the tax consequences of partnership distributions.
- We assist with partners entering and leaving the partnership.
- We prepare partnership income tax returns.
- We issued Schedule K-1 (“K-1″) partners in the partnership.
- We assist the individual partners with preparing their income tax returns.
- We assist with dissolving and winding up a partnership.
- >We provide tax planning to partnerships and partners.
Samples of Partnerships That We Have Assisted
We have assisted in forming, preparing partnership income tax returns, and tax planning for diversified mix of partnerships.
Some examples of partnerships that we have assisted are presented below:
- Real Estate Partnerships We prepared income tax returns with real estate partnership with real estate projects valued at approximately $80 million dollars.
- Partnership With Foriegn (NonResident Alien) Partners We have prepared partnerhip income tax returns for partnership with forgien partners. We assisted the partners from obtaining Taxpayers Idenfication Numbers (“TIN”)to devising a strategy for the partnership’s individual forgeing partners not having to obtain US TIN’s in the future and being subject to US reporting requirements.
- Large Multi-Partner Partneships We have prepared partnership income tax returns for partnerships with hundreds of partners. The pile of Schedules K-1′s resembled volumes of books.
- Multi-Teir Partnership / Entity Structure We have prepared partnership income tax returns with several related partnerships owning one another and an intricate combination of nonrelated partners.
Regardless of your partnership size (“small and simple” or “large and complex”), we expertise to assist you with your partnership tax needs.
For prices for our partnership income tax servcie, please visit our price section.