LLC Tax Return Preparation (Form 1065 & K-1) — Nationwide

Need an LLC tax return prepared correctly and on time? Public Tax Corp prepares LLC and partnership filings for clients across the United States—fully remote or in-person. We handle the most common LLC tax situations: multi-member LLCs taxed as partnerships (Form 1065 + Schedule K-1), single-member LLC reporting, and S-Corporation elections.

Which Tax Return Does Your LLC File?

 

1) Multi-Member LLC (Default: Partnership)

By default, most multi-member LLCs are treated as partnerships for federal tax purposes. The LLC files Form 1065 (U.S. Return of Partnership Income) to report income, deductions, and other items, and issues a Schedule K-1 to each member. Members then report K-1 amounts on their individual returns.

2) Single-Member LLC (Disregarded Entity)

A single-member LLC is generally disregarded for federal income tax purposes. Instead of filing Form 1065 or issuing K-1s, the LLC’s income and expenses are typically reported on the owner’s tax return (often on Schedule C, depending on the activity).

3) LLC Electing S-Corporation Status

Eligible LLCs may elect S-Corporation treatment by filing Form 2553. If approved, the business generally files Form 1120-S and issues K-1s to shareholders. This structure can be beneficial in certain cases, but it must be done correctly and maintained with proper compliance.

LLC Electing S-Corporation Status: An LLC can also elect to be treated as an S-Corporation for tax purposes by filing Form 2553 with the IRS. This election allows the LLC to pass income, deductions, and credits to the owners (shareholders) similar to a partnership, but it may allow the owners to avoid self-employment taxes on a portion of the income. If an LLC elects S-Corp status, it must file Form 1120S (U.S. Income Tax Return for an S Corporation) and issue Schedule K-1 (Form 1120S) to its shareholders.

In summary: 

• Multi-member LLC (default): Files Form 1065 and issues K-1s

• Single-member LLC: Reported on the owner’s return (no Form 1065 / K-1)

• LLC with S-Corp election: Files Form 1120-S and issues K-1s

Common LLC Filing Problems We Fix

• Late or missing Form 1065 / K-1s
• Incorrect owner basis / capital reporting issues
• Multi-state filings (members in different states)
• Foreign members and related reporting requirements
• Bookkeeping clean-up before filing

 

What We Need From You

• Income & expenses (P&L) for the year
• Balance sheet (if available)
• Owner details (names, addresses, ownership %)
• Prior-year return (recommended)