Partnership Tax Return Services in New York
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Professional Partnership Tax Services in New York
Expert Filing for IRS Form 1065 and NYS IT-204
GTA Accounting Group provides specialised partnership tax return preparation services for general partnerships, LPs, LLPs, and multi-member LLCs. Our experienced tax professionals ensures accurate and timely filing of your federal and New York State partnership returns, so you stay compliant and avoid costly penalties.
We handle both federal Form 1065 and New York State IT-204 filings, helping you correctly allocate income, deductions, and credits to each partner.
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What Is a Partnership Tax Return?
Understanding IRS Form 1065
Form 1065 is the U.S. Return of Partnership Income, used to report a partnership’s financial activity to the IRS. While the partnership itself doesn’t pay tax, it must file Form 1065 and issue Schedule K-1s to its partners.
Understanding New York State IT-204
IT-204 is the New York State equivalent of Form 1065. If your partnership does business or earns income in New York, you must file this form in addition to the federal return.
When Are These Returns Due?
Partnership tax returns are typically due by March 15 for calendar-year filers. GTA Accounting Group helps you stay on schedule and avoid late filing penalties.
Who Must File a Partnership Return?
General and Limited Partnerships
Any partnership with more than one member must file Form 1065 and may require an IT-204 in New York.
Multi-Member LLCs
By default, multi-member LLCs are treated as partnerships for tax purposes and must file a partnership return unless they elect corporate taxation.
New York Partnerships
Partnerships operating or generating income in New York must file IT-204 regardless of where they are based.
Our Offices
401 Park Ave S 10th Floor, New York, NY 10016, United States
118-35 Queens Boulevard Forest Hills Tower, #400, Forest Hills, NY 11375, United States
4250 Veterans Memorial Hwy Suite 3100W, Holbrook, NY 11741, United States
300 Cadman Plz W 12th Floor, Brooklyn Heights, NY 11201, United States
50 Fountain Plz Downtown, Suite 1400, Buffalo, NY 14202, United States
401 New Karner Rd 3rd Floor, Suite 301, Albany, NY 12205, United States
Key Components of a Partnership Return
Get in touchAbout GTA Accounting Group
GTA Accounting Group is a professional accounting firm based in New York, specialising in partnership tax compliance for professional firms, real estate entities, joint ventures, and multi-member LLCs. Whether you operate in a single borough or across multiple states, our tax professionals will ensure your partnership remains fully compliant.
Reach out today to get your free tax return review and filing plan.
Get in touchHow We Can Help
At GTA Accounting Group, we provide:
- Complete preparation and filing of IRS Form 1065 and NY IT-204
- Accurate Schedule K-1 generation for all partners
- NY state-specific filing adjustments and estimated tax guidance
- Multi-entity and multi-state filing support
- Year-round tax guidance on distributions, allocations, and planning
Each partnership is unique. We offer a no-obligation estimate at no cost.
Need a Professional Accountant in New York? Choose GTA Accounting Group.
We take pride in the positive feedback we receive from our clients. Here’s what some of them have to say:
Read more“GTA Accounting Group helped us navigate a complex tax situation with ease and professionalism. Their expertise saved us thousands of dollars and gave us peace of mind.”
Jane D
Business Owner
Partnership Tax Return FAQ
Get in touchYes. Even partnerships with no income or expenses must file a zero-dollar return with the IRS (Form 1065) and the state (IT-204 if applicable).
The IRS charges $220 per partner per month for late returns, plus state penalties. We help you file on time or request a valid extension.
Yes. At GTA Accounting Group, we prepare and file both federal and state partnership returns under one engagement.
Partnerships pass income through to partners via Schedule K-1. Corporations file separate returns and pay tax at the entity level.
While partnerships don’t pay income tax, they may owe estimated taxes for withholding or NYC Unincorporated Business Tax (UBT). We advise based on your activity.
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