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Form 1065 Series - Partnership Tax Returns
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The Partnership Tax Returns package can prepare over 70 forms, schedules and worksheets.
Like the 1040 package, data entry is intuitive with quick calculation and print times.
Items from Schedule K are automatically carried to the Schedule K-1 and partner basis worksheets,
and prorated among partners based on their ownership percentage. If partnership interests are
transferred during the tax year, the preparer can indicate the appropriate sharing percentage.
All amounts auto-calculated by the program can be overridden to allow preparers to account for
items allocated outside of ownership percentage. A comparison of Schedule K to Schedule K-1
allows for an easy reconciliation of the two schedules.
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A client instruction letter (filing instructions) can be prepared for the partnership, for
every partner, or for both. The system also allows you to keep track of the adjusted basis
for each partner.
All 48 states requiring a partnership return are included. With e-filing capability, Drake
Software encourages electronically filing the Federal 1065.
We currently support the following states for e-filing: Michigan SBT, Massachusetts. As more
states acquire e-filing capabilities, we will add those states to our package.
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