Discussion:Times up - missing records
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Discussion Forum Index --> Tax Questions --> Times up - missing records
| 12 September 2006 | |
| OK, the 6 mo extension on my clients 1120S will expire Friday. There are no additional extensions available. Client is out of reach for a while and I discovered that several core pieces of information are missing. Do I try and estimate the whole 1120S based on 5 year averages, (which has been very stable) or Do I wait for client to return?
If I estimate the return, on what form do I disclose this fact? This is not a usual occurance in my practice and I would appreciate suggestions. | |
| September 12, 2006 | |
| Good news is that there's no penalty on a late 1120S. Obviously, it will affect the 1040. What I would do is leave the S alone until client returns, on the 1040 estimate the K1 income...and then file the 1040 as usual. You'll get to amend it later, no biggie. Wait, if client's gone, how you gonna file the 1040 anyway? | |
Michaelstar (talk|edits) said: | 12 September 2006 |
| Also - who is going to sign the 1120S and State corporate t/r if t/p is not around? | |
| 12 September 2006 | |
| I agree with JR1 . No penalty on 1120s so don't stress to much. | |
Taxea@hawaii.rr.com (talk|edits) said: | 13 September 2006 |
| Client's responsibility, not yours. If you have contact with the client give them their options and let them tell you what they want done. I wouldn't estimate anything. taxeataxea 17:39, 13 September 2006 (CDT) | |
| 14 September 2006 | |
| The 1040 extension is good til October 15, client will be back (answer to question about signature). Also, the corporate signature can be done by another officer and there is another officer available. Problem I have is they don't have access to the info that I need. I'll simply wait for the clients return.
Thank you for the input. | |
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