A partnership tax return may require a Schedule B-1 to disclose certain partners in the partnership. This generally is required when a partner owns a certain percentage of the partnership.
A multi-member LLC is treated as a partnership for federal tax purposes, unless it files an election otherwise. For a foreign-owned multi-member LLC, which withholding certificate do you use?
The IRS Form 7004 can be filed to extend the filing deadline for many types of business entities. For partnerships with no U.S. offices, the extension request can be filed at a later date.
A single member LLC is an LLC that has only one owner. By default, a single member LLC is a disregarded entity for federal tax purposes. Disregarded LLCs have very specific federal tax reporting requirements.
A partnership entity must generally file an annual Form 1065 partnership tax return. Many partnerships do not realize that they still have to file an income tax return even if the partnership is losing money each year. This article and video discuss the reporting rules.
The Schedule K-1 is included with a partnership Form 1065 tax filing. Each partner in the partnership should receive a Schedule K-1 which shows their allocable share of partnership items. This article and video walkthrough the basic fields on the K-1.
The IRS CP282 notice is mailed to a partnership when the partnership indicated it had non-U.S. partners. In general, a U.S. partnership with effectively connected income (ECI) must include additional forms and withholding taxes. This article and video discuss the CP282 tax notice.
A partnership should file Form 1065 for each year the partnership is in existence. This video tutorial covers a sample Form 1065 filing for the 2021 tax year.
