Discussion:"You can lead the horse" Department

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Death&Taxes (talk|edits) said:

29 September 2010
For we who prepare many individual returns that depend on K-1s, the advancement of the deadline for the 1065 to September 15th seemed like a dream come true.

Of the 9 partnerships on the return, the final K-1s were emailed to me on the 16th of this month. Two days ago I printed one of my monsters after both my client and I spent several hours in review. My wife packed it up to send to him and put it next to the postage machine. Then last night I get an email...that K-1 we've had since May from his business (he is an investment banker) was a draft. The final one will come next week. How did I miss this? My client noted that he had not sent me the email that accompanied the first version in May, and he was very apologetic, offering to pay me for the excess work, but I would like to know how these guys get away with this.....aren't they penalized?....there are 12 partners....small partnership?

Anyone else seeing stuff like this?

Natalie (talk|edits) said:

September 30, 2010
Your client received a draft return without the word "draft" on it? I would never release a draft return without "draft" stamped on every page.

Death&Taxes (talk|edits) said:

30 September 2010
Last night He sent me a copy of the letter that came with the draft....it said they expected no change in the numbers....but that was May....how can they file after Sept 15th? btw, the final changed nothing.

Davidcpa (talk|edits) said:

30 September 2010
D&T - I had one of those this year. Preparer met with TMP in May and gave copies of K1 for the 7 partners to TMP. Supposedly, the preparer told TMP these were still drafts. K1s not marked as draft. TMP must not have heard the word "draft" and gave the K1s to all the partners. I then prepared & filed the 1040s for 2 partners. Around 9/1 we got the real K1s. This final did have numbers change. Nothing huge, but net income & SE earnings were up $2500.

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