IRS Form 1065

IRS Form 1065 is a tax form used by partnerships to report their income, deductions, gains, and losses to the Internal Revenue Service (IRS). Partnerships do not pay taxes at the entity level; instead, they pass the profits or losses onto their partners, who report it on their individual tax returns. Form 1065 provides a detailed summary of the partnership's financial activities for the tax year. Additionally, each partner receives a Schedule K-1, which outlines their share of the partnership's income and deductions for their own tax obligations.