Tax Preparation
Partnership Tax Preparation
Clear, accurate tax reporting for multi-member entities.
Overview
Partnership taxation (Form 1065) is one of the most complex areas of the tax code. From tracking partner capital accounts to allocating liabilities and calculating basis, errors here can cause headaches for every member of the entity. Blue Sage handles the heavy lifting of partnership accounting, ensuring K-1s are accurate, distributed on time, and strictly aligned with the terms of your operating agreement.
Who This Service Is For
- Real estate syndications and joint ventures
- Professional service firms (law firms, medical practices, agencies)
- Multi-member LLCs and family limited partnerships (FLPs)
- Investment funds and holding companies
Scope of Work
What's Included
- Federal and state partnership return preparation (Form 1065)
- Accurate generation and timely distribution of Schedule K-1s to all partners
- Tracking of partner capital accounts (tax basis, GAAP, or 704(b))
- Calculation of partner outside basis and at-risk limitations
- Allocation of income, losses, and liabilities per the partnership agreement
- Section 754 step-up in basis elections and calculations
- Multi-state income sourcing and withholding for out-of-state partners
- Entity-level tax elections (e.g., PTET — Pass-Through Entity Tax)
What Sets Our Approach Apart
Neo's expertise in pass-through taxation ensures that complex allocations and basis calculations are handled with precision. Neo's deep understanding of State Pass-Through Entity Tax (PTET) elections also provides partners in high-tax states a meaningful opportunity to bypass the SALT deduction cap — an opportunity many generalist CPAs overlook entirely.
Common Questions
What to Expect
How is this different from what my current CPA does?
Partnership agreements dictate how profits and losses are shared, yet many CPAs fail to read the agreement — applying a standard percentage split instead. Blue Sage meticulously aligns your tax reporting with your legal operating agreement to protect all partners.
What does working with Blue Sage actually look like?
You work directly with Neo. We manage the firm-level reporting and handle K-1 distributions so your investors and partners have what they need for their individual filings well before the deadline.
How do I get started?
Schedule a free introductory consultation. Neo reviews your current situation, identifies gaps, and outlines exactly how Blue Sage can add value — with no obligation.
Other Tax Preparation Services
Ready to Discuss Your Partnership Tax Preparation Needs?
Schedule a consultation and Neo will outline exactly what's needed for your situation.