Discussion:Missing K-1
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Discussion Forum Index --> Tax Questions --> Missing K-1
| 4 October 2006 | |
| My client owns (53%) and runs an S-Corp. The S-Corp's accounting records are in disarray and the client and staff are struggling to gather data needed to file the return. The S-Corp's return was due on 9-15-06, but I still don't have enough data to file that return. The S-Corp has historically had losses to report which cannot be claimed by the taxpayer due to basis limitations, although I cannot yet determine or even guess as to the income or loss for 2005. My question is -- is there any reason to not file the client's 1040 without the K-1 info on it to avoid a late filing penalty on the 1040? I would amend the 1040 as soon as the 1120S is prepared. | |
| October 4, 2006 | |
| Either file the 1040 w/out the corp info, or estimate it and file. Either way, you'll amend later... | |
| 4 October 2006 | |
| Thanks. Is there any point at late date to file an estimated 1120S? | |
| October 4, 2006 | |
| No. There's no penalties for failure to file one, so don't file until it's done. I've got one yet that I may not have the info in time, so will file the 1040 estimating the corp k1...and will amend once I've got the actuals. That way, something is in there for IRS to connect to, and if they come out with a big balance due later, we can try to show we were doing the best we could and try to defeat some penalties... | |
| 5 October 2006 | |
| Hi dont bother filing an estimated 1040 if you are overpaid. No penalty if in refund position, send in an extra payment for 2005 and apply the overpayment to 2006. Now you can wait and not have to amend. bye | |
| 5 October 2006 | |
| Yeah, I agree with Wes here. Amending just adds extra time, extra work, extra cost. Plus, I don't think there's a statue of limitations on an amended return. | |
| 5 October 2006 | |
| I was always taught to file an 8082 in such circumstances. Does anyone else do so, or if not why not! | |
| 6 October 2006 | |
| There are, however, certain elections that can only be made on a timely filed return. | |
| 6 October 2006 | |
| Hi an 8082 has nothing to do with this issue and even if I did file a 1040 with estimated numbers I would not file one. You are not taking an inconsistent treatment with a K-1 you are estimating numbers for. Which item was not properly reported ? ALL because you estimated? And when you file an amended return do you tell the IRS to ignore the 8082 and say dont come audit me? bye | |
Death&Taxes (talk|edits) said: | 6 October 2006 |
| Thank you, Wes! I always thought you needed a K-1 even to complete an 8082. How can you be inconsistent when you don't know what the numbers are? | |
Msmith7305 (talk|edits) said: | 6 October 2006 |
| Perhaps you should review the 8082 instructions, particularly item #2 on who must file the 8082. Reference is to not receiving a K-1 by due date of your return and there are items required to be on your return.
Also, the details of who may not file are also discussed. | |
| 6 October 2006 | |
| Somehow I don't see the need to report myself to the IRS because my S Corp did not provide me with a K-1 in a timely fashion.☺ ♫ | |
Death&Taxes (talk|edits) said: | 6 October 2006 |
| Thank you MSmith; I should read the instructions before spouting off. Good reason to come here! Thanks again. | |
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