List of Items Needed for Tax Preparation For Partnerships

• A Copy of Previous Year’s Tax Return

• The following information for the individual owners of the partnership

  • Dates of Birth

  • Social Security Numbers

  • Current Mailing Addresses

  • Ownership Schedule (detailing the percentage of partnership interest owned by each individual)

  • Ownership Changes (amount of partnership interest exchanged, dates of transactions, total amount of cash or fair market value of property exchanged)

  • A list of transactions detailing each partner’s contributions to the partnership and distributions from the partnership throughout the year.

• Financial Statements for the applicable tax year for the partnership

  • Income Statement

  • Balance Sheet

  • Trial Balance Report (if easily accessible)

• Depreciation and Amortization Schedules from prior tax year

• A description and transaction list of guaranteed payments paid to each partner. Note: Guaranteed payments are similar to a salary.

• Payroll Items for the applicable tax year (if the partnership has employees):

  • Payroll Reports

  • W-2s for the owners

  • W-3 for the company

• Documentation on Qualified Retirement Plans supported by the partnership, their tax returns and financial statements (if applicable)

• Documentation on an accountable plan (if applicable)

• Documentation detailing loans between the partners and the partnership

  • Loan Contracts

  • Loan Payment schedules

• Any other information or documents that may be relevant