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U.S. Return of Partnership Income Form Department of the Treasury Internal Revenue Service A Principal business activity For calendar year 2015 or tax year beginning B Principal product or service Type or Print C Business code number OMB No. 1545-0123 2015 ending. Information about Form 1065 and its separate instructions is at www.irs.gov/form1065. Name of partnership D Employer identification number Number street and room or suite no. Subtract line 21 from line 8. May the IRS discuss this...
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IRS Form 1065: You'll Want to Share This with a Partner

IRS Form 1065 Return of Partnership Income

Are you a member of a business partnership? If so, this IRS form 1065 Return of Partnership Income is one you're going to want to share!

What is the purpose of IRS Form 1065?

The purpose of IRS Form 1065 is to report various taxable events relating to the partnership, such as reporting income earned, capital gains, losses and deductions.

Who needs to file Form 1065?

IRS Form 1065 is an information return that is completed by certain partnerships. Generally, domestic partnerships and foreign partnerships that have gross income connected with a trade or business in the U.S., or that have gross income from U.S. sources, must file a Form 1065.

When is the Form 1065 due to the IRS?

Effective for tax years beginning after December 31, 2015, the original filing due date for a calendar year tax return is March 15th. If the partnership has elected to have a tax year other than the required tax year, then the filing due date for Form 1065 is the 15th day of the 3rd month following the close of the tax year for the partnership.

The extended filing due date is September 15th, unless the partnership has elected to have a tax year other than required tax year. In that case, the extended due date would be 6 months after the original filing due date.

How is the Form 1065 Completed?

IRS Form 1065 consists of 5 pages. Following is a brief explanation of each page.

• Page 1 requires the taxpayer to provide general information about the partnership, such as the name of the partnership, address, employer identification number, principal business activity, the date the business started, and total amount of assets.

• Page 2 and 3 are Schedule B (Other Information). The information required on these pages directly relates to the partnership, such as what type of entity the partnership is, whether the partnership is publicly traded, whether or not the partnership had any cancelled debt during the tax year, and numerous other questions. The last section of the Schedule B relates to the Designation of the Tax Matters Partner.

• Page 4, Part of Page 5 are used to report Schedule K (Partners’ Distributive Share Items). The Schedule K consists of 8 sections; income (loss), deductions, self-employment, credits, foreign transactions, alternative minimum tax items, and on page 5, Analysis of net income (loss).

• Page 5 is the Schedule L (The balance sheets per books information), Schedule M-1 (Reconciliation of income (loss) per books, and the Schedule M-2(Analysis of Partners’ Capital Accounts).

For more detailed information on how to complete the Form 1065, check out the following video:

What is the mailing address for Form 1065?

When you have completed Form 1065 and all the associated forms, where you mail it depends on the state that the partnership is located in, and the total amount of assets that the partnership has at the end of the tax year. Refer to page 4 of the IRS written instructions for the various mailing addresses.

— with JD be business solutions, and today we're going to go over how to fill out the tax form 1065 which is for the income tax return for a partnership whether that's a general partnership or if you have an LLC with one or more people for most of our audience it's very small businesses it's probably you and your wife you and your husband maybe you and a friend one other person, and you have an LLC set up, and you have to file a form 1065, so before you start I'm going to give the usual caveat that I highly recommend that if you have a business you hire a qualified CPA to repair prepare that for you, they're going to save you more money than you spend on them nine times out of ten if you have a good one you're going to get yourself in trouble if you try to do this most of you but if you are brave enough to go that route you kind of do feel like you have an idea of what you're doing this will help you do that and if you won't want to help just a hire someone else to do it understanding the form will help you get your documents organized enough to help them prepare the return which will hopefully in turn lower the price that you're going to pay someone to do it having said that we are accepting new clients for this tax season you can find that on our website CPA JD be calm, or you can email us CPA JD be at gmail.com, and we can give you some pricing packages and be happy to work with you, we work with people all over the country, so we are happy to bring you on board we do have limited slots available so please contact us soon if you're interested all right so to get started we're going to go over just quickly the beginning here you have to put in your principle business activity we use my business tax prep the name of the partnership job business solutions your EIN number just make one up here the date the business started so whenever you started the business your address 5 by 5 x street city town normal stuff principal product or service tax preparation whatever it is for you if you sell real estate sales whatever business code you'll have certain ones to choose from here if you're using tax software if you're truly going to fill this out by hand just Google business code number for whatever you do so business code number for real estate sales something should come up and give you that their total assets you don't need to put anything here yet okay, so now we get into part G here we're checking the applicable and applicable boxes if it's the first return you filed for your business you're going to check initial return if it's the last return you're filing for your business if you closed it in the previous year you click that box if you're changing your name click that box changing your address click that box and if you're amending your return if you originally filed it, and now you have to change it you're going to click box five if it's a technical termination click that box that's not something really go over you'll have to worry about it at...
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