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U.S. Partnership Income Tax Returns


All U.S. partnerships (general partnerships, limited partnerships, limited liability partnerships, limited liability companies treated as partnerships, and other types of partnerships and non-corporate joint ventures) that operate businesses or invest in real estate (such as closed-end real estate funds) or other assets, must generally file a U.S. federal partnership income tax return on an annual basis on Form 1065. From a federal tax standpoint (and in most of the 50 U.S. states), partnerships are not taxed at the entity level. Instead, the taxable income of the partnership is allocated to its partners based on their ownership percentages. The partners then file and pay Federal income tax on the taxable income allocated to them from the partnership. In some circumstances, particular states may tax partnerships at the entity level or impose franchise or other taxes directly against the partnership.


Elisa Fay


Partner-in-Charge Rödl National Tax

+1 404 525 2600

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