Partnership Accountants & CPAs · Verified Directory

Partnership accounting done right — capital accounts and all

Partnership tax and accounting: Form 1065 returns, K-1 preparation, partner capital accounts, special allocations, and §704(b) compliance for general and limited partnerships.

Form 1065 returns and partner K-1s
Capital account maintenance and §704(b) allocations
Guaranteed payments, distributions, and basis tracking

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Common questions

About partnership accountants & cpas

When is the partnership return due?+

Form 1065 is due March 15 each year. Late filing penalties accrue per-partner, per-month — so even loss-year partnerships should file on time or extend.

What's a special allocation?+

An agreement-driven split of income, loss, or deductions that differs from ownership percentage. Special allocations must have 'substantial economic effect' under §704(b) — a partnership CPA documents this.

This information is general and does not constitute professional advice. Consult a licensed professional for guidance specific to your situation.