Form 1065 (US Return of Partnership Income)
The annual federal information return filed by partnerships and multi-member LLCs treated as partnerships, with income passed through to partners on Schedule K-1.
Detailed Explanation
Form 1065 is informational, as the partnership itself does not pay federal income tax. Instead, the partnership issues each partner a Schedule K-1 reporting their distributive share of income, deductions, credits, and other tax items. Partners then report this income on their own returns. Partnership returns are due March 15, with a six-month extension available. New partnership audit rules under the BBA (Bipartisan Budget Act) require a Partnership Representative and may impose entity-level tax on adjustments.
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Form 1120-S (S Corporation Income Tax Return)
The annual federal income tax return filed by S corporations, which pass income, deductions, and credits through to shareholders via Schedule K-1.
Schedule K-1
A tax document issued by partnerships, S corporations, estates, and trusts to report each owner's share of income, deductions, credits, and other tax items.
Partnership
A business entity owned by two or more persons who share in profits and losses, taxed as a pass-through with each partner reporting their share on their individual return.
Pass-Through Entity
A business entity that does not pay federal income tax at the entity level; instead, profits and losses pass through to owners who report them on their individual returns.
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