What is a Partnership?
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it “passes through” any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return.
Partners are not employees and should not be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions.
If you are a partnership or a partner (individual) in a partnership, use the information in the charts below to help you determine some of the forms that you may be required to file.
What kind of insanity is it that the only tax office in San Diego is essentially located on an island with no dock?
Who could possibly think that combining both federal tax agency with Immigration and not provide sufficient parking was a good idea?
Did the planners fail first grade math? How could they not count how many people would be working and using services in the building and provide accessible parking?
To compound their planning disaster, they put in a single security check point. It is rather like building a bathroom with the only access being a tiny dog door.
The IRS should open some satellite branches people can actually access.