Create a tailored engagement letter for a partnership client that includes agreed-upon procedures for Schedule K-1 preparation, guaranteed payment calculations, and special allocations as defined in the operating agreement

Generate create a tailored engagement letter for a partnership client that includes agreed-upon procedures for schedule k-1 preparation, guaranteed payment calculations, and special allocations as defined in the operating agreement for Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry

Accounting, Tax Preparation, Bookkeeping, and Payroll Services

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Allowed: PDF, DOCX, TXT

Max size: 50MB

Upload the partnership's operating agreement or partnership agreement containing special allocation terms, guaranteed payment clauses, and K-1 distribution provisions

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Allowed: PDF, XLSX, CSV

Max size: 100MB

Upload prior year Form 1065, Schedule K-1s, trial balance, and any book-to-tax adjustments for accurate preparation
Select the partnership's IRS filing status and compliance requirements for accurate engagement letter language
Describe specific special allocation methods in the operating agreement (431 allocation with curative, targeted, remedial allocations; IRC 704(b) substantial economic effect requirements; partner-specific algorithms)
Identify the type and treatment of guaranteed payments to partners for accurate tax calculation methodology
List specific partner information requiring K-1 preparation including residency states, foreign disclosure requirements, and special basis calculations
Select the level of engagement complexity for appropriate staffing and fee structure in the letter
Identify specific regulatory compliance requirements that must be addressed in the engagement terms
Define the specific deliverables and timeline requirements for the engagement letter
Provide any special instructions or constraints from individual partners including basis limitations, at-risk rules, or passive activity considerations