A Partnership Tax Return is a specific tax form used by partnerships to report their income, deductions, and other financial information to the Internal Revenue Service (IRS). Unlike corporations, partnerships do not pay income tax at the entity level; instead, they pass their profits and losses to individual partners, who report this information on their personal tax returns. The primary form used for this purpose is Form 1065. This form provides a summary of the partnership's financial activities and includes a Schedule K-1 for each partner, detailing their share of the income, deductions, and credits. This ensures that all partners accurately report their earnings on their individual tax filings.