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STEVENSON TAX SERVICES
PARTNERSHIP TAX GUIDE
Partnership
taxation, with clarity.
✓ PARTNERSHIP TAX
1065 PARTNERSHIP • FORM 1065
Tax guidance and IRS representation for partnerships and LLCs taxed as partnerships.
FORM 1065
SCHEDULE K-1
K-1 PARTNER REPORTING
IRS REPRESENTATION
GUIDANCE • REPRESENTATION
Clarity for every partner.
FREE INITIAL CONSULTATION
Based in Bluefield, WV • Serving clients nationwide
StevensonTaxServices.com
(404) 729-2984
STS
S T E V E N S O N TA X S E R V I C E S
PA R T N E R S H I P TA X C H A L L E N G E S
O N E E N T I T Y. M U LT I P L E TA X R E S P O N S I B I L I T I E S .
Partnership taxes should not slow your business. From Form 1065 and partner K-1s to tax notices and complex allocations, partnership questions can affect both the business and its owners. We help clarify the next step.
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FORM 1065 FILING
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Federal partnership return reporting and filing status.
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PARTNER ALLOCATIONS
Partner shares of income, loss, credits and other items.
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How business tax items are reported among partners.
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IRS NOTICES Requests for partnership records and timely responses.
DISCUSS YOUR PARTNERSHIP TAX ISSUE StevensonTaxServices.com
SCHEDULE K-1
MISSING RETURNS Past-due filings and unresolved compliance gaps.
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PARTNER CHANGES Tax questions around contributions, exits and distributions.
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S T E V E N S O N TA X S E R V I C E S
WHO WE ARE
F E D E R A L TA X R E P R E S E N TAT I O N F O R PA R T N E R S H I P S
IRS representation for partnership tax matters. John Stevenson, EA, assists partnerships with IRS notices, examinations, tax account questions and practical, fact-based resolution options.
ENROLLED AGENT An EA is a federally authorized tax professional with IRS representation rights.
PARTNERSHIP TAX ISSUES Assistance with Form 1065-related notices, examinations and IRS account matters.
CLEAR COMMUNICATION Understand deadlines, document needs, available options and proposed next steps.
An informed approach for the partnership and its partners.
StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
O U R A P P R OAC H
A P R O C E S S T H AT S TA R T S W I T H Y O U R PA R T N E R S H I P R E C O R D S
A clear approach to partnership tax issues. We begin with the entity classification, partner information, filed returns, notices and any timesensitive deadlines.
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ASSESS We discuss the partnership, tax years and immediate concerns.
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ORGANIZE We review Form 1065, K-1s, notices and supporting records.
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PRIORITIZE We identify deadlines, possible options and a proposed scope of work.
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REPRESENT When engaged and authorized, we address IRS matters and guide followthrough.
No promises of a specific outcome. A focused plan based on your facts.
StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
F O R M 1 0 6 5 & K- 1
T H E R E T U R N A N D T H E PA R T N E R S A R E C O N N E C T E D.
One partnership. Multiple tax responsibilities. A partnership generally reports its results on Form 1065, while tax items flow through to partners. Accurate information helps everyone file correctly.
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FORM 1065 / PARTNERSHIP RETURN
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SCHEDULE K-1 / EACH PARTNER
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BASIS & ALLOCATIONS
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PAYMENTS & DISTRIBUTIONS
Information return reporting partnership income and other tax items.
Reports each partner’s share of income, deductions and credits.
Partner basis and allocation rules may limit tax deductions.
Guaranteed payments and distributions require careful treatment.
Exact obligations depend on ownership, agreements and tax facts.
StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
I R S PA R T N E R S H I P M AT T E R S
S P E C I A L P R O C E D U R E S M AY A P P LY I N PA R T N E R S H I P E X A M S .
When the IRS contacts your partnership. Partnership examinations can involve returns, allocations, partner records and specific audit procedures. Timely responses and clear authority to act are important.
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AUDIT SUPPORT
IRS NOTICE REVIEW
PARTNERSHIP REP.
Organize tax years, records and explanations for the issues under review.
Clarify agency requests, response deadlines and available next steps.
Review the designated representative’s role where special audit rules apply.
IRS representation requires appropriate authorization; special partnership audit rules may govern.
StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
B E YO N D F O R M 1 0 6 5
B E T T E R R E C O R D S H E L P PA R T N E R S M A K E I N F O R M E D D E C I S I O N S .
Keep your partnership and partners aligned. Partnership taxes touch capital records, partner allocations, distributions and personal tax reporting. We help identify gaps that deserve attention.
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PARTNERSHIP RETURN REVIEW
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PARTNER BASIS & ALLOCATIONS
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TIMELY K-1 FOLLOW-THROUGH
Check Form 1065 reporting questions, notices and filing status.
Review potential basis, liabilities and distributive-share concerns.
Plan for partner information needs and recurring tax deadlines.
Partner income may be taxable even without a cash distribution. StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
N AT I O N W I D E & V I R T U A L
B A S E D I N B L U E F I E L D , W V. S E R V I N G PA R T N E R S H I P S N AT I O N W I D E .
Partnership tax support. Wherever you operate. Stevenson Tax Services is based in Bluefield, West Virginia, and serves partnerships and LLCs taxed as partnerships nationwide through virtual consultations and remote IRS representation.
FROM PARTNERSHIP RESULTS TO PARTNER REPORTING
PARTNERSHIP RETURN
PARTNER REPORTING
1065
K-1
FEDERAL INFORMATION RETURN
PARTNER’S SHARE OF ITEMS
Income and deductions
Income, loss and credits
Partner allocations
Basis and limitations
Form 1065 and deadlines
Partner tax obligations
IRS representation requires appropriate authorization. State tax services and obligations depend on the jurisdiction.
StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
WORKING WITH US
S T R A I G H T A N S W E R S F O R PA R T N E R S A N D B U S I N E S S O W N E R S
Professional support. Practical expectations. Partnership tax issues deserve clear communication, a defined scope and a realistic understanding of the options and limitations.
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FREE INITIAL CONSULTATION Discuss the partnership, its tax concerns and immediate priorities.
DEFINED SCOPE & FEES Review the proposed engagement and pricing before work begins.
VIRTUAL COMMUNICATION Discuss sensitive tax matters from wherever the partners are located.
REALISTIC NEXT STEPS Prioritize partner records, deadlines, notices and action items.
DISCUSS YOUR PARTNERSHIP TAXES StevensonTaxServices.com
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S T E V E N S O N TA X S E R V I C E S
YOUR PARTNERSHIP. YOUR TAX ISSUES. A CLEAR PLAN. Understand the partnership tax issue, the options available and a practical approach to what comes next.
REQUEST A FREE PARTNERSHIP TAX CONSULTATION
(404) 729-2984 StevensonTaxServices.com
B A S E D I N B L U E F I E L D, W V • S E RV I N G C L I E N T S N AT I O N W I D E VIRTUAL CONSULTATIONS • PARTNERSHIP TAX & IRS REPRESENTATION
Marketing material. Services depend on engagement; tax outcomes are never guaranteed.