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1065 – Partnership Checklist

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BASIC INFORMATION

Determine business return type for filing as registered with the IRS (Form 1065, 1120, or 1120S). If unsure, contact the IRS Business help line at 1-800-829-4933
Employer Identification Number (EIN) as registered with the IRS. If you don’t have an EIN, apply online at IRS.gov
List of states and state ID numbers in which your business has nexus or a presence that requires reporting
Copy of Partnership agreement or Bylaws including any amendments
Last year’s federal, state, and local tax returns
All amounts and dates for state and local estimated tax payments made

PARTNERS INFORMATION

Name, address, and SSN/EIN of each partner during the tax year
List of each partner’s profit/loss/ownership percentage
Reports for all owner capital contributions, withdrawals, or loans
Reports for all partner guaranteed payments, compensation, and benefits including cost of medical and life insurance
Reports detailing any change in ownership during the tax year

DOCUMENTS RECEIVED

All Forms 1099-B, 1099-DIV, 1099-INT, 1099-K, 1099-MISC or 1099-NEC received (or other records for dividends, interest, or business income)
Schedule K-1 received from entities that your business owns (lower tier entities)
All granted credit certificates issued by federal or state taxing authorities

BUSINESS AND FINANCIAL RECORDS

Trial balance report from company books.
Bank and credit card records to support interest and other day-to-day business expenses
Copy or summary of all Form 1099 and W-2 issued
Reports detailing all Federal Unemployment, Social Security, and Medicare tax paid (Forms 940 & 941)
Reports of state and local payroll tax paid
If business was conducted in multiple states, compile a report of sales, payroll, and property values for each state
Reports for inventory including cost of goods or materials purchased for resale or manufacture and the total value of goods or materials at the end of year

ASSETS

Prior year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage
Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year
Date of purchase, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year
Mileage log for each owned or leased vehicle (business use and total use)
Reports for business use percentage and actual expenses for each owned vehicle (gas and maintenance costs)

LIST ANY ADDITIONAL INFORMATION PROVIDED

This material has been prepared for general informational purposes only and is not intended to be relied upon as tax, accounting, or other professional advice. Before taking any action, you should consult a professional advisor familiar with your particular facts and circumstances.

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