Tax Forms and Pass-Through Documents for Completing Partnership Return

Partnership Tax Return
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March 13, 2022
In order to file a partnership return, there are the following forms that must be filed such as; (1) Annual Return of Income, (2) Employment Taxes, and (3) Excise taxes.
In terms of Annual Return of Income, there is a need to file Form 1065 or the US Return of Partnership Income. Accordingly, this form has the purpose of indicating the overall conduct and performance of the partnership, which includes its returns, profits, and losses, to name a few CITATION Kri22 \l 1033 (Kriss, 2022).
Second, the partnership should also pay other pass-through documents, such as those under the categories of employment taxes and excise taxes.
On the one hand, the partnership should also file employment taxes such as Form 941 or the Employer's Quarterly Federal Tax Return. Other forms are needed, such as Form 940, which is the Federal Unemployment Tax (FUTA), and even Employment taxes depending on the state where the partnership is based CITATION Int21 \l 1033 (Internal Revenue Service, 2021).
On the o...