Partnership Tax Organizer

Partnership Tax Organizer
Partnership General Information
Legal Name of partnership
EIN
Existing clients may skip this - we have this information on file
Partnership address
Existing clients may skip this - only enter if it's a new address from the prior year
Partnership Representative
Title
Email
Phone
Check one:

General Partnership Limited Partnership Limited Liability Partnership (LLP)
Principal business activity
Existing clients may skip this - we have this information on file
Date business started

Month Day Year
Existing clients may skip this - we have this information on file
Principal product or service
Existing clients may skip this - we have this information on file
Date business closed

Month Day Year
Date
Was the primary purpose of the partnership activity to realize a profit?

Yes No
Has the partnership reported any losses in prior years?

Yes No
Accounting method:

Cash Accrual Other (specify)
Other
Does the corporation file under a calendar year? (If no, what is the fiscal year?)

Yes No
Fiscal year
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.)

Yes No
Are all partners actively participating in the business?

Yes No
Is any partner in the partnership a disregarded entity, a partnership, a trust, an S corporation, or an estate?

Yes No
Is the partnership a partner in another partnership?

Yes No
Did any foreign or domestic corporation, partnership, trust, tax-exempt organization, individual, or estate own directly or indirectly 50% or more of the profit, loss, or capital of the partnership?

Yes No
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?

Yes No
Did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce principal amount of debt?

Yes No
At any time during the year, did the partnership have an interest in, or signature authority over a financial account in a foreign country?

Yes No
Was there a distribution of property or a transfer (by sale or death) of a partnership interest during the tax year?

Yes No
Does the partnership satisfy the following conditions? •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

Yes No
Did the partnership pay $600 or more of nonemployee compensation to any individual? If yes, include a copy of Form 1099-NEC for each.

Yes No
Principal Partners Ownership Information
Please provide the following principal partners ownership information:
- Name/Title
- Tax ID number (SSN or EIN)
- Address
- Ownership percentage
- General or limited partner*
- U.S. citizen?
*General partner. A general partner is a partner who is personally liable for partnership debts.

Limited parter. 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.
Partners Other Transactions
Please provide the following transaction information:
- Partner name
- Guaranteed payments
- Health insurance premiums paid
- Capital contributions from partner
- Distributions to partner
- Partner loans to the partnership
- Loans repaid by partnership to partner
All 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-NEC,
  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.
New Clients

Additional information and documents required
Date partnership formed

Month Day Year
Date
State partnership formed in
- 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).
Car Expenses

Use a separate form for each vehicle.
Make/Model
Date car placed in service

Month Day Year
Date
Car available for personal use during off-duty hours?

Yes No
Do you (or your spouse) have any other cars for personal use?

Yes No
Did you trade in your car this year?

Yes No
Do you have evidence?

Yes No
Is your evidence written?

Yes No
Cost of trade-in
Trade-in value
Provide the following mileage information:
- Beginning of year odometer
- End of year odometer
- Business mileage
- Commuting mileage
- Other mileage
Provide the following actual expenses information:
- Gas/oil
- Insurance
- Parking fees/tolls
- Registration/fees
- Repairs
Generally, you can use either the standard mileage rate or actual expenses to figure the deductible costs of operating your car for business purposes. 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
Provide the following information for depreciable assets purchased that have a useful life greater than one year:
- Asset
- Date purchased
- Cost
- Date placed in service
- New or used?
Equipment Sold or Disposed of During Year
Provide the following information:
- Asset
- Date out of service
- Date sold
- Selling price/FMV
- Trade-in?
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?

Yes No
Did the business pay any FICA on employee wages for tips above minimum wage?

Yes No
Did the business own any residential rental buildings providing qualified low-income housing?

Yes No
Did the business incur any research and experimental expenditures during the tax year?

Yes No
Did the business have employer pension plan start-up costs?

Yes No
Total number of employees
Did the business pay health insurance premiums for employees?

Yes No
Total number of employees
Covid-19 Related
Did the business receive a Paycheck Protection Program loan?

Yes No
Did the business receive an Economic Injury Disaster Loan or Emergency Advance through the SBA?

Yes No
Did the business delay payment of employer payroll taxes?

Yes No
Did the business receive a payroll tax credit for sick leave paid to employees due to COVID-19?

Yes No
Did the business receive a payroll tax credit for paid family leave paid to employees due to COVID-19?

Yes No
Did the business receive a payroll tax credit for a business suspension or slowdown?

Yes No
Tax Return Preparation
We will prepare the partnership’s tax return based on information provided. In the event the return is audited, you will be responsible for verifying the items reported. It is important that you review the return carefully before signing to make sure the information is correct. Unless otherwise stated, the services for preparation of the partnership’s return do not include auditing, review, or any other verification or assurance.
Taxpayer Responsibilities
- You agree to provide us all income and deductible expense information. If additional information is received after we begin working
  on the return, you will contact us immediately to ensure the completed tax returns contain all relevant information.
- You affirm that all expenses or other deduction amounts are accurate and that you have all required supporting written records.
  In some cases, we will ask to review documentation.
- You must be able to provide written records of all items included on the return if audited by either the IRS or state tax authority.
  We can provide guidance concerning what evidence is acceptable.
- You must review the return carefully before signing to make sure the information is correct.
- Fees must be paid before the tax return is delivered to you or filed for you. If you terminate this engagement before completion, you
  agree to pay a fee for work completed. A retainer is required for preparation of late returns.
- You should keep a copy of the tax return and any related tax documents. You may be assessed a fee if you request a copy in the future.
Signatures. By signing below, you acknowledge that you have read, understand, and accept your obligations and responsibilities.
Signature

Clear
Date

Month Day Year
Date
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:

Partnership Tax Organizer

Partnership General Information

Partnership Specific Questions

Principal Partners Ownership Information

Partners Other Transactions

All Clients

New Clients

Car Expenses

Equipment Purchases

Equipment Sold or Disposed of During Year

Partnership Business Credits

Covid-19 Related

Tax Return Preparation

Taxpayer Responsibilities

Privacy Policy