Partnership Tax Organizer

  • Partnership Tax Organizer

  • Partnership General Information

  • Format: (000) 000-0000.
  • Check one
  • Principal business activity
  • Does the partnership file under a calendar year?
  • Date business started
     / /
  • Was the primary purpose of the partnership activity to realize a profit?
  • Has the partnership reported any losses in prior years?

  • Partnership Specific Questions

  • Is there a written partnership agreement? If this is the first year of the partnership’s existence, please provide a copy of the written partnership agreement.
  • Are all partners actively participating in the business?
  • Is the partnership a partner in another partnership a disregarded entity, a partnership, a trust, an S corporation, or an estate?
  • Did the partnership own directly 20% or more, or own directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation?
  • Did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce principal amount of debt?
  • At any time during the year, did the partnership have an interest in, or signature authority over a financial account in a foreign country?
  • Was there a distribution of property or a transfer (by sale or death) of a partnership interest during the tax year?
  • Does the partnership satisfy the following conditions? No • The partnership’s total receipts for the tax year were less than $250,000, and • The partnership’s total assets at the end of the tax year were less than $1 million.
  • Did the partnership pay $600 or more of non employee compensation to any individual? If yes, include a copy of Form 1099-MISC for each.

  • Principal Partners Ownership Information

  • Rows

  • * General partner. A general partner is a partner who is personally liable for partnership debts. Limited partner. A limited partner’s personal liability for partnership debts is limited to the amount of money or other property contributed or required to contribute to the partnership.

  • Rows

  • All Clients – Additional information and documents required

    New Clients – Additional information and documents required

    • Provide the income/financial statements for the year (per books), balance sheet, depreciation schedule per books, and cash reconciliation of business bank accounts with ending cash balance. • If the partnership has employees or paid independent contractors, provide a copy of all Forms W-2, W-3, 940, 941, 1096, 1099-MISC, and any other forms issued to workers. • If any partners live in a different state or outside the U.S., provide details. The business may be subject to withholding requirements.
  • Date partnership formed
     / /
    • Provide copies of the partnership agreement and any other supporting organizational documents.
    • • Provide copies of depreciation schedules for book, tax, and AMT.
    • • Provide copies of tax returns for last two years, including state returns (if applicable

  • Partnership Balance Sheet

  • Partnership assets at year end

  • Other current assets (include list)

  • Partnership Income (include all Forms 1099-K received)

  • Partnership Cost of Goods Sold (for manufacturers, wholesalers, and businesses that make, buy, or sell goods)

  • Partnership Expenses

  • Format: (000) 000-0000.

  • Car Expenses (use a separate form for each vehicle)

  • Date car placed in service
     / /
  • Car available for personal use during off-duty hours?
  • Did you trade in your car this year?
  • Did you trade in your car this year?
  • Do you have evidence?
  • Is your evidence written?

  • Generally, you can use either the standard mileage rate or actual expenses to figure the deductible costs of operating your car for business pur- poses. However, to use the standard mileage rate, it must be used in the first year the car is available for business. In later years, you can then choose between either the standard mileage rate method or actual expenses.

    Equipment Purchases – Enter the following information for depreciable assets purchased that have a useful life greater than one year

  • Rows

  • Equipment Sold or Disposed of During Year

  • Rows

  • Partnership Business Credits (if answered Yes for any of the below, please provide a statement with details)

  • Did the business pay expenses to make it accessible by individuals with disabilities?
  • Did the business pay any FICA on employee wages for tips above minimum wage?
  • Did the business own any residential rental buildings providing qualified low-income housing?
  • Did the business incur any research and experimental expenditures during the tax year?
  • Did the business pay health insurance premiums for employees?
  • Did the business have employer pension plan start-up costs?

  • Privacy Policy

  • The nature of our work requires us to collect certain nonpublic information. We collect financial and personal information from applications, worksheets, reporting statements, and other forms, as well as interviews and conversations with our clients and affiliates. We may also review banking and credit card information about our clients in the performance of receipt of payment. Under our policy, all information we obtain about you will be provided by you or obtained with your permission. Our firm has procedures and policies in place to protect your confidential information. We restrict access to your confidential information to those within our firm who need to know in order to provide you with services. We will not disclose your personal information to a third party without your permission, except where required by law. We maintain physical, electronic, and procedural safeguards in compliance with federal regulations that protect your personal information from unauthorized access.

  • Should be Empty: