Partnerships offer flexibility, but they also create complexity. Allocations, distributions, partner-level reporting, and ongoing compliance all require careful planning and coordination throughout the year.
Lipsey & Associates works with small partnerships that need ongoing accounting, tax, and advisory support—not just a tax return.
Most clients invest between $5,000 and $15,000+ annually depending on complexity.
For business owners seeking ongoing accounting, tax, and advisory support
Request a ConsultationTax Compliance
Preparation and filing of partnership tax returns (Form 1065), including accurate K-1 reporting for each partner and coordination with individual returns.
Partner Allocations & Reporting
Support with profit sharing arrangements, special allocations, and partner-level reporting so each owner’s tax picture reflects the economic reality of the partnership.
Basis Tracking & Distributions
Ongoing tracking of partner basis, capital accounts, and distributions to help avoid surprises and maintain accurate reporting year after year.
754 Elections & Technical Tax Issues
We help clients navigate technical partnership tax matters, including Section 754 elections and basis-related issues, where those decisions are important to the partnership and its owners.
Accounting Oversight & General Ledger Review
For partnerships that maintain internal bookkeeping, we perform an annual non-GAAP general ledger review to ensure financial data is accurate and aligned with tax reporting. This helps us identify issues early, make necessary adjustments, and support more accurate filings and planning.
Ongoing Compliance & Filing Support
Partnerships often require more than just tax filings. We help manage ongoing compliance requirements, including 1099 reporting, business licenses, and local filings, so nothing falls through the cracks throughout the year.
Ongoing Tax Advisory & Planning
Partnerships create meaningful opportunities for proactive tax planning throughout the year. We work with you and your partners to identify strategies, evaluate tradeoffs, and implement decisions that reduce overall tax liability while keeping the partnership aligned.
Partnership taxation is rarely just about filing a return. When there are multiple owners involved, decisions around allocations, distributions, estimated taxes, and partner reporting can quickly become more complex than expected.
Our role is to help you manage that complexity throughout the year—not just after the fact. By combining tax compliance, financial oversight, and advisory support, we help partnerships stay organized, reduce surprises, and make better decisions as the business evolves.
For business owners seeking ongoing accounting, tax, and advisory support
Request a ConsultationTreating the partnership return as the whole story
The return is only one part of the picture. Owners also need to understand how allocations, basis, and distributions affect their individual tax position.
Letting accounting and tax drift apart
When bookkeeping is inconsistent or not aligned with tax reporting, partnerships lose visibility and create avoidable filing issues at year-end.
Ignoring partner-level coordination
In a partnership, tax decisions do not affect just one person. Without ongoing communication and planning, one issue at the entity level can create confusion across multiple partners.
Waiting until year-end to plan
Many of the best decisions for partnership clients need to be evaluated before filing season. Waiting too long can limit options and create unnecessary tax inefficiencies.
We start by understanding your partnership structure, current accounting process, partner relationships, and key tax concerns. From there, we identify the areas that require the most attention and build a more coordinated approach to reporting, planning, and compliance.
For smaller partnerships, we can provide ongoing bookkeeping support. For larger partnerships with internal accounting staff, we work alongside your team to review the general ledger and ensure financial data is accurate for tax and planning purposes.
Our goal is to create a more organized, reliable system around the partnership so tax reporting is accurate, partner communication is clearer, and planning decisions are made proactively—not reactively.
This service is designed for small partnerships with two to three active partners who want an ongoing CPA relationship that includes accounting, tax, and advisory support.
It is a strong fit for partnerships that want more visibility into their financials, cleaner partner reporting, and year-round guidance on tax and compliance matters.
We do not provide standalone partnership tax return preparation or valuation services, and we are generally not the right fit for large or highly complex multi-tier partnership structures.
Many partnership clients also benefit from broader planning and compliance support. You can learn more about our related services here:
If you are looking for a long-term CPA partner to help manage your partnership, coordinate between owners, and reduce tax liability, the next step is to request a consultation.