For Family Limited Partnerships (FLP’s), we prepare partnership income tax returns for federal and any required states.

In regards to income taxes, FLP’s are limited partnerships controlled by family members.

Husband & Wife writing partnership over connecting puzzle pieces

IRS Form 1065

IRS Form 1065

As a family partnership, your income is reported on IRS Form 1065.

IRS Form 1065 is use to report your business activity to the IRS by showing your gross receipts and business deductions against your sales.

We assist you with calculating your sales and expenses required to complete your IRS Form 1065. We help you by either doing bookkeeping for you or providing you with expense forms that you can use to give us your figures.

Schedule K-1

Schedule K-1 of IRS Form 1065
Once IRS Form 1065 has been completed for your partnership, Schedule K-1’s are issued to each partner. Schedule K-1 is used by the partners to report partner’s share of partnership income on partners’ income tax returns.