BatesCarter has significant expertise in the accounting and tax issues often encountered by small to mid-size partnerships. Our experience working with a wide variety of businesses allows us the expertise to serve virtually any industry from service to manufacturing. Some of BatesCarter’s services includes advisory, audit and assurance, taxation and bookkeeping. We prepare all forms and documents so that the individual partners have the information they need to properly plan for and prepare their personal tax returns.
An often overlooked, but very critical, aspect of partnership accounting is the admission or termination of a partner. The tax ramifications are complex, can be significant and should be properly planned. Even a simple transaction, if poorly planned, can trigger unnecessary tax.
The following forms are among the many required for partnerships:
- Form 1065 – U.S... Return of Partnership Income
- Annual Income Tax Return
- Employment taxes such as Social security, Medicare and Income Tax Withholding
- Federal Unemployment Tax
- Self-employment Tax
- Estimated Tax
- Form 1040 – U.S... Individual Income Tax Return
- Form 1040-ES – Estimated Tax for Individuals
If you are interested in our partnership services, or are an individual in a partnership, and would like assistance or advice, please contact BatesCarter today and let us help you gain control of your partnership issues.