What services does DWK Tax & Accounting offer?

DWK Tax & Accounting offers tax preparation and planning, bookkeeping, accounting, business advisory, and outsourced CFO services for individuals and small businesses in Wheaton, IL and DuPage County.

Where is DWK Tax & Accounting located?

DWK Tax & Accounting is based in Wheaton, Illinois, serving clients throughout DuPage County including Naperville, Glen Ellyn, Lisle, Downers Grove, and the greater Chicago suburbs.

Do you work with small businesses?

Yes. DWK Tax & Accounting specializes in serving small business owners, entrepreneurs, and growing companies who need more than basic tax compliance, including strategic advisory and fractional CFO support.

How do I schedule a consultation?

You can schedule a consultation by visiting https://dwkcpa.com/contact, calling (708) 369-0044, or emailing david@dwktaxaccounting.com.

What tax form does a partnership file?

A partnership files Form 1065, the U.S. Return of Partnership Income. This is an informational return, the partnership itself does not pay federal income tax. Instead, the profit or loss is allocated among partners according to the partnership agreement, and each partner receives a Schedule K-1 reporting their share, which they report on their personal tax return.

What is a Schedule K-1 and why does it matter?

A Schedule K-1 is the form each partner receives showing their share of the partnership's income, deductions, credits, and distributions. The K-1 must be prepared before partners can file their personal returns. Errors in K-1 preparation, wrong allocations, missed deductions, or misclassified items, flow through to every partner's personal return, making accuracy critical.

What are guaranteed payments in a partnership?

Guaranteed payments are amounts paid to a partner for services or use of capital, regardless of partnership profitability. They are deducted by the partnership and reported as income on the receiving partner's K-1. Structuring guaranteed payments correctly is important because they affect each partner's tax liability and the partnership's overall tax position.

How are partnership profits and losses allocated?

Profits and losses are allocated according to the partnership agreement, which may specify equal shares, percentage-based allocations, or special allocations tied to capital contributions, services, or other factors. The allocation must have substantial economic effect under IRS rules. We review your partnership agreement and ensure allocations comply with tax law and reflect the partners' intent.

What Illinois filings does a partnership need?

Illinois partnerships file Form IL-1065 and may owe the Illinois replacement tax. Partners receive Illinois Schedule K-1-P forms for their state returns. We handle both the federal Form 1065 and the Illinois partnership return, ensuring all state requirements are met and K-1s are prepared correctly for every partner.

Partnership Tax Preparation

Partnership Tax Preparation in Wheaton, IL

Partnerships, including multi-member LLCs taxed as partnerships, file Form 1065 and issue Schedule K-1s to each partner. The accuracy of these filings matters more than most business owners realize, because every number on a K-1 flows directly to each partner's personal tax return. DWK Tax & Accounting prepares partnership returns for businesses across Wheaton and DuPage County, ensuring allocations are correct, guaranteed payments are structured properly, and every partner's K-1 is prepared with precision.

Partnership Tax Services

Form 1065 partnership tax return

Schedule K-1 preparation for all partners

Illinois Form IL-1065 and K-1-P

Profit and loss allocation review

Guaranteed payment structuring

Partnership agreement tax review

Special allocation compliance

Partner basis and capital account tracking

Multi-state partnership filing and nexus

Partnership estimated tax planning

Why K-1 Accuracy Matters

Unlike a sole proprietor who sees their business income on one return, partnership income passes through to every partner via Schedule K-1. An error in the partnership return does not affect one person, it affects every partner, requiring amended K-1s and potentially amended personal returns for all involved.

David Korzeniowski, CPA reviews your partnership agreement, verifies that allocations have substantial economic effect, structures guaranteed payments correctly, and ensures each K-1 is accurate before it reaches your partners. We also prepare each partner's individual return, ensuring the K-1 is reported correctly and the overall tax strategy is coordinated.

Related Services

LLC Tax Preparation S Corp Tax Preparation Business Tax Preparation Individual Tax Preparation Tax Planning & Strategy

Serving DuPage County

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Why Choose DWK

A CPA Partner Who Invests in Your Success

Business owners choose DWK Tax & Accounting because they get direct access to a licensed CPA who understands their industry, their goals, and their numbers, not a revolving door of staff.

Licensed Illinois CPA

David Korzeniowski is a licensed Certified Public Accountant in the State of Illinois, not a seasonal tax preparer or a software dashboard. Every return is prepared and reviewed by a CPA who is accountable for accuracy and compliance.

Small Business Experience

8+ years working with contractors, restaurants, medical practices, law firms, e-commerce, real estate investors, and consultants across DuPage County. Industry-specific knowledge means better deductions and fewer surprises.

Year-Round Support

Tax strategy doesn't stop in April. David is available throughout the year for questions, planning conversations, and proactive adjustments, not just at filing season.

Proactive Tax Strategy

We plan ahead. Entity structure, timing, retirement contributions, and quarterly estimates are reviewed continuously so you keep more of what you earn, legally and strategically.

Personalized Planning

Every business is different. Recommendations are built around your specific circumstances, goals, and growth plans, never a generic template or a one-size-fits-all checklist.

Local & Accessible

Based in Wheaton, serving DuPage County and the western suburbs. You can call, email, or meet in person. No call centers, no overseas outsourcing, no account handoffs.

Meet David Korzeniowski, CPA Read Client Reviews View Success Stories

Frequently Asked Questions

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Ready to Get Started

Take Control of Your Financial Future

Whether you need strategic tax planning, business advisory, or CFO-level financial leadership, DWK Tax & Accounting is ready to serve as a dedicated financial partner for your business.