If an individual is a partner in a partnership and actively participates in the business, their allocation of income is generally subject to self-employment taxes in the U.S. This sample Schedule SE covers the reporting obligations of active partners.
The Form 1065 partnership return is filed on an annual basis for any partnership that has income or expense for the year. This example covers a Form 1065 filing for a rental real estate LLC.
Form 1065 is an annual tax filing for a U.S. partnership. In this example, we cover a Form 1065 filing for a landscaping company based in Florida.
Schedule K-2 and K-3 are generally required schedules for a partnership or S corporation tax return. However, a domestic filing exception may apply to certain entities. This article discusses the requirements to meet the exception.
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers a U.S. partnership with foreign activities.
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers a U.S. partnership with ownership in a foreign disregarded entity.
When a general partner personally pays for business related expenses, the partnership should generally reimburse that partner for those costs. If a partner has unreimbursed expenses, they may be able to deduct those on their personal tax return.
The Schedule M-3 is included with partnership returns when the partnership's assets or revenue exceed certain thresholds. This article and video cover the basics of the M-3 and who is required to file.
An LLC can be taxed a variety of ways. When an LLC is taxed as a partnership and the membership is reduced to one member, the partnership ends and the LLC becomes a disregarded entity. Does the LLC need a new EIN?
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.
