Expert Partnership Tax Preparation & Multi-Member LLC Compliance

What We Do

We provide specialized tax solutions for partnerships (Form 1065), focusing on complex profit allocations and multi-state compliance. Our goal is to ensure that your partnership structure provides maximum tax benefit to every partner while remaining fully compliant with BBA audit rules.

Price starting at $850

Key Services

  • Schedule K-1 Accuracy: We generate and distribute accurate K-1s, ensuring that each partner's share of income, deductions, and credits is correctly reported for their individual returns.

  • Capital Account Tracking: We maintain precise records of partner basis and capital accounts to ensure tax-free distributions and deductible losses.

  • Multi-State Nexus Analysis: We manage complex state filing requirements and composite returns for partners residing in different jurisdictions.

  • Special Allocations & 704(b) Compliance: We handle complex partnership agreements, including guaranteed payments and special profit/loss allocations.

Key IRS Changes for 2025 Filing Season

  • Permanent 20% QBI Deduction: The Section 199A Qualified Business Income deduction is now permanent, allowing partners to exclude 20% of their share of partnership profit from personal income tax.

  • 100% Bonus Depreciation Restoration: S-corps and partnerships can again deduct 100% of the cost of qualifying equipment (machinery, software, etc.) placed in service after January 19, 2025.

  • Expanded Section 179 Limits: The immediate expensing limit for business property has doubled to $2.5 million, with a phase-out threshold increased to $4 million for 2025.

  • Increased SALT Deduction Cap: The State and Local Tax (SALT) deduction cap on personal returns has risen from $10,000 to $40,000 for partners earning up to $500,000.

  • New R&D Expensing Rule: Domestic Research & Development costs can now be fully deducted in the year they are incurred rather than being amortized over five years.

  • Mandatory Electronic Filing: Any partnership filing 10 or more information returns (including W-2s and 1099s) must now electronically file Form 1065.

The RelyCFO 5-Step Accuracy Process

  • Shareholder Basis Review: We track your "basis" to ensure your distributions remain tax-free and your losses are fully deductible.

  • Salary-to-Distribution Optimization: We analyze your profits to find the "sweet spot" that minimizes self-employment taxes.

  • Passive Income & Built-in Gains Check: We audit for specific corporate-level taxes like the "Built-in Gains" tax to avoid surprise liabilities.

  • State-Level Nexus & SALT Analysis: We manage your state-specific filing requirements and any available SALT (State and Local Tax) workarounds.

  • Year-Round Strategy & Deadline Tracking: We keep you ahead of the March 15th deadline and ensure your 2026 tax strategy is always current.

Critical 2025 Tax Deadlines (Filing in 2026)

Partnerships have one of the earliest deadlines in the tax year:

  • January 31, 2026: Deadline for issuing 1099-NEC forms to contractors.

  • March 16, 2026: Final deadline to file Form 1065 and issue Schedule K-1s (since March 15 is a Sunday).

  • September 15, 2026: Extended deadline for partnerships that filed Form 7004