Clean books are critical to business management and valuation
Annual partnership returns must be filed (Form 1065) even though partnerships are not liable for federal business tax.
Any Partnership income is taxed at the partner level so partners must pay income tax on their earnings not what was distributed.
How to file a partnership tax return
This is a complicated process because of the layers of tax law. It is best to hire an experienced accountant who works with these types of tax returns.
Here at Wilson & Associates, our many years of experience can help you with your partnership tax matters.