Focus · Partnerships
Partnership and multi-member LLC tax returns
A partnership return affects every partner’s personal return. We prepare Form 1065 accurately and on time, so your partners get clean K-1s they can trust.
Who we help
- Real estate partnerships and joint ventures
- Multi-member LLCs taxed as partnerships
- Family investment partnerships
- Professional and service partnerships
- Partnerships with foreign partners or foreign activity (K-2/K-3)
What we handle
Form 1065 and partner K-1s
We prepare the partnership return and every partner’s K-1, including guaranteed payments, special allocations under your operating agreement, and tax-basis capital accounts.
Basis and distributions
We maintain capital accounts and help partners track outside basis — essential for deducting losses and for distributions that can otherwise trigger unexpected gain.
Buy-ins, buyouts and Section 754
When a partner joins, leaves or passes away, a Section 754 election and 743(b) adjustments can keep the incoming partner from being overtaxed. We evaluate and implement them.
International schedules
Schedules K-2 and K-3 report items of international relevance. With our foreign-tax specialty, we prepare them accurately — or document why an exception applies.
State filings and Georgia PTET
We handle state partnership returns, nonresident withholding or composite filings, and evaluate Georgia’s elective pass-through entity tax, which can restore a state-tax deduction for partners.
Deadlines
Calendar-year partnership returns are due March 15. Late returns carry a per-partner, per-month penalty, so we plan the timeline with you early.
Common questions
When is a partnership return due?
March 15 for calendar-year partnerships, with a six-month extension available. The late-filing penalty is charged per partner, per month, so it adds up quickly.
Does the $2,000 include the partners’ personal returns?
No. The partnership return and K-1s start at $2,000. Partners’ individual returns are priced separately — most with K-1s start at $800.
Should our partnership elect Georgia’s pass-through entity tax?
Often it helps, but not always — it depends on each partner’s residency and situation. We’ll run the numbers before the election deadline.
Let’s make this year’s taxes the calm part.
Book a short introductory call. We’ll learn about your situation, tell you plainly how we can help, and give you a clear fee before any work begins.