Partnership Specific Questions
Does the partnership satisfy the following conditions?
Principal Partners Ownership Information
*General partner. A general partner is a partner who is personally liable for partnership debts. Limited partner. A limited partner’s personal liability for partnership debts is limited to the amount of money or other property the partner contributed, or is required to contribute, to the partnership.
Partners Other Transactions
All Clients – Additional information and documents required
• Provide the income/financial statements for the year (per books), balance sheet, depreciation schedule per books, and cash reconciliation of business bank accounts with ending cash balance.
• If the partnership has employees or paid independent contractors, provide a copy of all Forms W-2, W-3, 940, 941, 1096, 1099-NEC, 1099-MISC, and any other forms issued to workers.
• If any partners live in a different state or outside the U.S., provide details. The business may be subject to withholding requirements.
New Clients – Additional information and documents required
• Provide copies of the partnership agreement and any other supporting organizational documents.
• Provide copies of depreciation schedules for book, tax, and AMT.
• Provide copies of tax returns for last two years, including state returns (if applicable).
Partnership Balance Sheet
Partnership assets at year end
Partnership debts and equity at year end
Partnership Income (include all Forms 1099-K, Forms 1099-MISC, and Forms 1099-NEC received)
Partnership Cost of Goods Sold (for manufacturers, wholesalers, and businesses that make, buy, or sell goods)
Partnership Expenses
Car Expenses (use a separate form for each vehicle)
Generally, you can use either the standard mileage rate or actual expenses to calculate the deductible costs of operating your car for business purposes. However, to use the standard mileage rate, it must be used in the first year the car is available for business. In later years, you can then choose between either the standard mileage rate method or actual expenses.
Equipment Purchases – Enter the following information for depreciable assets purchased that have a useful life greater than one year
Equipment Sold or Disposed of During Year
Partnership Business Credits (if you answered Yes for any of the questions below, please provide a statement with details)
State Estimated or Pass-Through Entity (PTE) Tax Payments—Tax Year 2024
Tax Return Preparation
We will prepare the partnership’s tax return based on information provided. In the event the return is audited, you will be responsible for verifying the items reported. It is important that you review the return carefully before signing to make sure the information is correct. Unless otherwise stated, the services for preparation of the partnership’s return do not include auditing, review, or any other verification or assurance.
Taxpayer Responsibilities
• You agree to provide us all income and deductible expense information. If additional information is received after we begin working on the return, you will contact us immediately to ensure the completed tax returns contain all relevant information.
• You affirm that all expenses or other deduction amounts are accurate and that you have all required supporting written records. In some cases, we will ask to review documentation.
• You must be able to provide written records of all items included on the return if audited by either the IRS or state tax authority. We can provide guidance concerning what evidence is acceptable.
• You must review the return carefully before signing to make sure the information is correct.
• Fees must be paid before the tax return is delivered to you or filed for you. If you terminate this engagement before completion, you agree to pay a fee for work completed. A retainer may be required for preparation of returns.
• Keep a copy of the tax return and any related tax documents. You may be assessed a fee if you request a duplicate copy in the future.
Signatures
By signing below, you acknowledge that you have read, understand, and accept your obligations and responsibilities.
Privacy Policy
The nature of our work requires us to collect certain nonpublic information. We collect financial and personal information from applications, worksheets, reporting statements, and other forms, as well as interviews and conversations with our clients and affiliates. We may also review banking and credit card information about our clients in the performance of receipt of payment. Under our policy, all information we obtain about you will be provided by you or obtained with your permission.
Our firm has procedures and policies in place to protect your confidential information. We restrict access to your confidential information to those within our firm who need to know in order to provide you with services. We will not disclose your personal information to a third party without your express written permission, except where required by law. We maintain physical, electronic, and procedural safeguards in compliance with federal regulations that protect your personal information from unauthorized access.