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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- partnership formation and which tax return to file
partnership formation and which tax return to file
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jgcpa
Level 4
06-20-2020
12:47 PM
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An existing Ltd Partnership ( Texas) has been filing a 1065. The partners are the Individual and a single member LLC. The single member is the same Individual. Is this a legal partnership? Is this a partnership in the eyes of the IRS? Previously a 1065 was filed. For 2019, with the revised 1065, the member of the DE shows as a partner on the 1065 k-1 and the individual shows on the other k-1. To restate, both K-1s show the same individual as a partner in box E/F, but one of those k-1s also lists the DE name and TIN in H2.
What do you suggest? Continue filing a 1065 for 2019 with the pass-through income? of file a Zero return 1065, with a note that all income is on the personal return?
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