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Form 1065 is a tax form used by partnerships to report their income, deductions, gains, losses, and other relevant information to the Internal Revenue Service (IRS) in the United States. It is called the U.S. Return of Partnership Income. The form is used to calculate the partnership's tax liability and to report the individual partner's share of the partnership's income, deductions, and credits.

RI (Rhode Island) Form 1065 is the tax return form for partnerships. It must be filed by all partnerships or limited liability companies (LLCs) treated as partnerships for federal tax purposes that have any Rhode Island source income or any Rhode Island resident partners.

To fill out RI form 1065, also known as the Rhode Island Partnership Return of Income, follow these steps: 1. Download the form: Visit the Rhode Island Division of Taxation's website and download form RI-1065. 2. Identify the partnership: Provide the name, address, federal employer identification number (FEIN), and Rhode Island identification number of the partnership. 3. Complete the Schedule A: This schedule is used to report the income, deductions, and apportionment factors. Provide details about the partnership's federal taxable income, state modifications, additions, and subtractions. 4. Complete the Schedule B: This schedule is for reporting the partnership's nonbusiness income, deductions, and apportionment factors, if applicable. 5. Complete the Schedule C: This schedule is used to report the apportionment and allocation of income derived from Rhode Island sources. Provide details about the partnership's Rhode Island sales, payroll, and property. 6. Complete the Schedule D: This schedule is for reporting the apportionment and allocation of income derived from non-Rhode Island sources, if applicable. 7. Complete the Schedule E: Report any credits, adjustments, or taxes paid by the partnership, such as the Rhode Island Jobs Development Act Credit or the Rhode Island Film Production Tax Credit. 8. Complete the Schedule F: Report any pass-through withholding tax paid on behalf of nonresident partners. 9. Complete the Schedule G: Provide the partnership's Rhode Island sales tax and/or use tax liability, if applicable. 10. Complete the Schedule H: If the partnership has any Rhode Island net operating loss carryforwards, report them here. 11. Complete the Schedule I: If the partnership has any Rhode Island minimum business tax to report, provide the details in this schedule. 12. Complete the Schedule J: If there are any additional schedules or attachments, include them with the form. 13. Calculate the tax liability: Calculate the partnership's Rhode Island income tax liability based on the information provided in the schedules. 14. Sign and date the form: Sign and date the form, certifying that the information provided is true and accurate. 15. Submit the form: Mail the completed Form RI-1065, along with any required attachments, to the Rhode Island Division of Taxation. Remember to review all instructions, guidelines, and requirements provided by the Rhode Island Division of Taxation while filling out the form to ensure accuracy and compliance.

The purpose of Form 1065, also known as U.S. Return of Partnership Income, is to report the income, deductions, gains, losses, and other important information of a partnership. This form is filed by partnerships, including Limited Liability Companies (LLCs) treated as partnerships for tax purposes, to report their financial information to the Internal Revenue Service (IRS). Additionally, Schedule K-1, which is provided to each partner, shows their share of the partnership's income, deductions, credits, and other items, and is used to report their individual tax liability on their personal tax returns.

On RI Form 1065, the following information must be reported: 1. Partnership Information: - Partnership name, address, and federal employer identification number (FEIN) - Principal business activity, start and end dates of the partnership 2. Partner Information: - Name, address, and Social Security number (SSN) or FEIN of each partner - Interest percentage and capital at the beginning and end of the year, withdrawal or contribution details, and any changes in partnership ownership during the tax year 3. Income and Deductions: - Partnership's ordinary business income, rental real estate income, and any other income like interest, dividends, etc. - Deductions such as salaries, rent, utilities, interest on loans, depreciation, and any other allowed expenses 4. Schedule M-2: - Partner's capital accounts at the beginning and end of the year, any withdrawals or contributions, and any changes during the tax year 5. Schedule K: - Partner's distributive share of ordinary income (loss), self-employment income (loss), guaranteed payments, and any other income/loss allocated to each partner 6. Schedule K-1: - Detailed information for each partner, including their share of partnership income, losses, credits, deductions, etc. Note: This is not an exhaustive list and additional schedules/forms may be required depending on the specific circumstances of the partnership. It is always recommended to consult the official instructions and seek professional advice while preparing and filing tax forms.

The deadline to file RI Form 1065 in 2023 is typically April 15th. However, it is always recommended to check with the Rhode Island Department of Revenue or consult with a tax professional for the most accurate and up-to-date information regarding filing deadlines.

The penalty for the late filing of RI Form 1065 (Rhode Island Partnership Return) is $25 per month (or part of a month) for each partner, with a maximum penalty of $500 per partner. The penalty is calculated from the original due date of the return, which is the 15th day of the 4th month following the close of the tax year.

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