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1065 is InSource’s partnership tax return application. InSource gives you the ability to automate the processing of federal, state, and local partnership tax returns. InSource will seamlessly import data from your other accounting systems, databases and spreadsheets, saving your users hours of time; time formerly spent re-entering data. Additionally, InSource will flow calculated and summarized trial balance amounts to federal, state, and local tax forms. The InSource partnership tax return functionality, includes several features that make it both unique and necessary for processing tax returns for partnerships; these features are:

  • Partner Bridge - Vital partner information (name, address, entity type, profit/loss/ownership ratios, etc.) can be imported or exported.
  • Special Allocations - InSource allows you to customize the way you allocate income and expense items in a number of ways including: allocation method, ratio amounts, and dollar amounts for each partner.
  • Transfer of Interest - Easily transfer the interest for each partner. Additionally, partner withdrawals are easily handled by InSource.
  • Capital Contributions - InSource facilitates the entrance of capital contribution information.
  • State Allocation and Apportionment - InSource will automate the process of apportioning your State Taxable Income based on property, payroll, and sales for all states (and many cities). Automation features allow you to roll over beginning of year property amounts from prior year allocation and apportionment files; and then electronically transfer the information to current year information.
  • Review Tools - Several review tools exist in InSource to ensure your returns are completely correct and accurate. Partner profit, loss, and capital ratios can be displayed; additionally, reconciliation of beginning with ending partner capital account balances can be calculated.

Finally InSource is a fully certified IRS electronic filing transmitter; hence the software allows you to file your tax returns electronically.

Other Applications

The following applications are designed to work hand-in-hand with 1065 - Partnership Tax Returns:

"1065 - Partnership Tax Returns" is part of the InSource Express line of products, developed by Thomson Reuters.