Business Tax Preparation for Partnerships
Regardless of whether your business is a Sole Proprietorship, Limited Liability Company (LLC), Corporation, or Partnership, the IRS, as well as state and local agencies, require that taxes be paid. It’s inevitable. While each entity has its own tax demands, partnership tax return preparation has significant differences from the others. To ensure that your taxes are being prepared and properly filed, consider engaging the services of a qualified CPA firm, such as Chandler & Knowles, to handle all of your partnership tax preparation and filing.
The Nuances of Filing Taxes for Partnerships
The form of your business determines which tax return forms to use and how to file taxes. For a partnership, unlike corporations, sole proprietorships, or other entities, there is one significant difference. Rather than a partnership filing an income tax return, they must file an Annual Report of Income, in addition to any employment taxes and excise taxes (if applicable). The instruction book for this report covers fifty pages and requires information on such topics as Analysis of Partners’ Capital Accounts, Elections Made by the Partnership and/or each partner, and other details. In addition, the filing date of the 1065 form is the 15th day of the third month following the end of the partnership’s tax year. Now that doesn’t even scratch the surface of the tax code. Understanding the regulations takes time, patience, and a strong fundamental knowledge of the tax code.
Though details of partnership tax requirements are convoluted and confusing (and misinterpreting any of the regulations can result in severe penalties), there is a better way to handle this task. Rather than consuming your valuable time with trying to figure out the complexities of a tax code, turn to the professionals at Chandler & Knowles for expert advice and assistance.
Working with Chandler & Knowles
The professional CPAs at Chandler & Knowles bring years of well-honed expertise to the table when working with partnership tax returns. When we work with a business that is listed as a partnership, we carefully analyze all of its financial aspects in order to provide on-time and accurate filing of taxes for partnerships. But this is only the start. Working with us means more than just a tapping into our skills for how to file taxes for a partnership. It also means:
- Knowing that the proper tax forms have been filed on time
- Minimizing taxes owed on a partnership annual report of income tax return
- Having peace of mind knowing you are in compliance with governing regulations
- Removing the burden of having to muddle through a complicated tax code
- Staying current on any and all changes to the tax code
- Saving time and money
Chandler & Knowles Provides a Full Range of Business Accounting Services
While helping partnerships properly prepare and file their taxes is a key service of our business, we also offer many more services designed to strengthen and help a partnership, or any type of business, grow and flourish. From business consulting and accounting to bookkeeping, payroll administration, and corporate structuring, we deliver effective solutions that enhance every aspect of your business to ensure its financial health. We even provide services that will improve the financial well-being of your employees as well as your family. To find out more about how we can help you, call us today at 817-406-3827 or fill out our online form.
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"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"
~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC
They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.
~ Rick Schenck, UPS Business Owner
Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.
~ Todd Benton
"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."
~ Tracy Richards