IRS Form 1065, U.S. Return of Partnership Income, also known as the partnership tax return form, is a document used by the Internal Revenue Service (IRS) to obtain information on income, credits, deductions, gains, losses, and other data related to the operation of the partnership.
The latest version of the form was released by the IRS in 2020 with all previous editions obsolete. A fillable partnership return form is available for download below.
IRS Form 1065 is used by partnerships to report their financial information to the IRS. A partnership can be defined as the business or trade relationship between two or more people who want to work together, invest and contribute skills, money, labor, and property and aim to share in the gains and losses of the business. The process of reporting includes two steps. First, with Tax Form 1065, the partnership reports financial information relating to the operation of the partnership. Second, every partner must prepare a Schedule K-1 to identify personal profits and losses over the course of the partnership's operation.
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