Multi-member LLCs are generally treated as partnerships for U.S. tax purposes. For foreign-owned entities, this often creates uncertainty — especially when owners reside outside the United States or income flows across borders. Form 1065 is the annual U.S. partnership income tax return required for multi-member LLCs treated as partnerships. It reports the entity’s income, deductions, and allocations to each partner. Form 1065 is not simply a tax return. It determines how income is allocated, how partners report their shares, and whether additional filings may be required at the individual level. Our role is to ensure your partnership return reflects the correct classification, ownership structure, and reporting obligations — without unnecessary exposure or misalignment.
We review ownership percentages, capital accounts, profit-loss allocations, and special allocations if applicable.
We prepare and file Form 1065, generate accurate Schedule K-1s, and ensure consistency across all partner reporting.
You receive filing confirmation and guidance on how partners should use their K-1s for their own tax returns.
Who must file a partnership tax return?
Any U.S. partnership or multi-member LLC taxed as a partnership must file Form 1065, even if no income was earned.
What is the penalty for late filing Form 1065?
The IRS charges a monthly penalty per partner, which can become significant if filing is delayed.
Do foreign partners change the filing requirements?
Yes. Foreign ownership adds complexity and requires careful reporting to avoid compliance issues.
Is Form 1065 the same as paying tax?
No. The partnership files an informational return; partners report and pay tax on their share via Schedule K-1.
Can you handle late or missed partnership returns?
Yes. We assist with back-year filings and penalty mitigation strategies where applicable.
If you’re not sure which plan fits your situation, start with the structured intake below. We’ll review your details and guide you to the cleanest compliance path.