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PARTNERSHIP TAX RETURNS

OUR FINANCIAL PLANNING PROFESSIONALS ARE HERE TO SERVE YOU

Partnership Tax Returns

Please ask, call, and visit us regarding business tax extensions (due by IRS deadline annually).

Download Checklist.

To File Your Taxes Correctly, You'll Need:

  • All Form 1099s received by the partnership.
  • If we did not prepare last year’s partnership return – a copy of last 2 or 3 tax returns filed.
  • If this is the first year the partnership will file a tax return, we will need the organizational documents (Partnership Agreement, or if this is an LLC, Articles of Organization and Operating Agreement or Regulations), SS-4, names, addresses, and social security numbers for all partners or members.
  • % capital ownership for each partner or member and, if different, interest in profits and losses for each partner or member.
  • Copies of any notes payable by the partnership, whether they are secured or unsecured, and whether recourse or non-recourse.
  • Print outs of income (profit/loss) statement and balance sheet, and backup of QuickBooks files – if you have not kept computerized accounts, we’ll need your check register and a record of all deposits.
  • Listing of charitable contributions plus out-of-pocket expenses and mileage associated with charitable gifts.
  • Cash invested in the partnership by the partners, and any loans made by the partners to the partnership.
  • Cash distributed from the partnership to the partners as draws and loans made by the partnership to the partners.
  • Non-cash assets contributed to the partnership by the partners (for each asset, we need the fair market value of the asset when it was contributed and the partner’s basis in the asset at the time it was contributed).
  • Amounts paid by the partnership to the partners for services performed by the partners.
  • Copies of leases or other contracts entered into by the partnership during the year.
  • Forms 941 (all quarters), 940, W-2, W-3, and TWC reports for the employees of the partnership.
  • Form 1099(s) filed by the partnership.
  • Settlement statements for any real estate bought or sold.
  • Retirement plan information, if the partnership maintains a retirement plan.
  • Bank statements and reconciliations for at least the first and last months of the tax year Sales tax reports—monthly, quarterly or annual.
  • Any other financial information that would not be included in the above list – for example, unreimbursed expenditures made by partners on behalf of the partnership.
  • Anything else that you think might be relevant – it’s better to give us too much than to risk missing out on some deductions you’re legally entitled to take!.

To schedule a consultation or to discuss your taxes with our staff, please call us today. Rodriguez & Bachleda Companies would be more than happy to discuss your taxes and give you tips on how to get the best return. Please call, ask, and visit us regarding tax extensions. Don’t miss important deadlines!