Form 1065
Partnership and multi-member LLC returns.
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US pass-through businesses do not usually pay federal income tax themselves; their profits flow to the owners. But they still file returns, issue K-1s and, where partners are foreign, may have to withhold tax. We prepare Form 1065 partnership returns, Schedule C for sole proprietors and the related forms for US businesses with owners in Pakistan and elsewhere.
Partnerships and multi-member LLCs taxed as partnerships pass their income to the owners, who pay the tax on their own returns. The business still files an information return, issues K-1s to every partner and, where a partner is foreign, may have to pay withholding tax on their share.
A US partnership, including a multi-member LLC that has not elected corporate treatment, files Form 1065 by the 15th day of the third month after its year end, which is 15 March for a calendar-year business, with a six-month extension available on Form 7004. Each partner receives a Schedule K-1 showing their share of income, deductions and credits, which they report on their own return. Late filing penalties are charged per partner, per month, so even small partnerships can face significant penalties.
Foreign partners create additional obligations. Under section 1446, a partnership with income effectively connected with a US trade or business must withhold tax on the share allocated to foreign partners and file Forms 8804 and 8805. The foreign partner then files a US non-resident return to report the income and claim credit for the withholding. Sole proprietors, including single-member LLCs owned by US persons, report business income on Schedule C of Form 1040 and pay self-employment tax; single-member LLCs owned by foreign persons have their own reporting requirements, covered on our LLC page.
We prepare the partnership return from your books, calculate each partner's share under the partnership agreement, issue K-1s, handle foreign partner withholding and coordinate with state filings. For owners in Pakistan, we also consider how the US income is taxed in Pakistan, using the double tax treaty and foreign tax credits, and report it in the Pakistani return.
For corporations, see US corporate tax returns; for foreign-owned single-member LLCs, US LLC tax services; and for state obligations, US state tax filing.
A fixed fee per return, based on activity and owners.
Partnership and multi-member LLC returns.
Partner shares calculated and issued.
Section 1446, Forms 8804 and 8805.
Sole proprietor business income.
Calculated for US owners.
Form 7004 filed in time.
Partnership returns in relevant states.
US income reported at home.
These are the issues that lead to penalties.
Penalties per partner, per month.
We file or extend on time.Partners cannot file their own returns.
We issue K-1s promptly.Section 1446 withholding not paid.
We calculate and file.LLC classification misunderstood.
We confirm classification.States where the business operates or has nexus.
We review states.US and Pakistani tax not coordinated.
We apply treaty relief.Started early to meet the March deadline.
We check your entity, owners and states.
Agreed per return.
Books, bank statements and agreements.
Return, K-1s and withholding forms.
Return filed or extension submitted.
Taxed as partnerships.
General and limited partnerships.
Owners in Pakistan or the UAE.
Schedule C businesses.
US entities serving US clients.
Rental property held jointly.
US returns from a team that also handles the owners' home-country tax.
Withholding and non-resident returns.
ACCA and ICAP Chartered Accountant qualifications.
US and Pakistan tax aligned.
Returns or extensions filed on time.
Easy contact from anywhere.
Agreed per return.
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Tell us about your entity, owners and states. We will confirm your filings and quote a fixed fee.
Book your free consultationThis page is general information about our services, not tax, legal or financial advice for your specific situation. Laws, rates and deadlines change with each Finance Act and official notification.