FL event planning group: 5 partners, income reported under 1 SSN in 2024. Got EIN in Dec 2024. Do we split total profit and file individually or as partnership?

Forum|Forum|1 year ago
January 29, 2025
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- Our group of 5 individuals formed an unofficial partnership in 2024 for event planning services in Florida. - All income was reported under my Social Security number (SSN) for 2024. - We obtained an Employer Identification Number (EIN) in December 2024, after our last event. For tax purposes, should we: 1. File 2024 income under my SSN and have partners reimburse me for their share of what we may have to payback? 2. Divide the total profit evenly among the 5 partners and report our individual shares on our personal tax returns? What are the tax implications and reporting requirements for our situation in Florida? Should we file as a partnership or individually?

rjs

Employee

You have to consult a local tax professional for help straightening out your 2024 tax situation, and also to get guidance on how to conduct the partnership's business and handle the taxes from now on. It's not a do-it-yourself project, and you can't do it with advice from the internet. Go to someone as soon as you can, because tax pros will soon be too busy to deal with problems like this.