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| | {{ForumReplyPost|UserID=WesR|Date=5 October 2006|Text=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 }} | | {{ForumReplyPost|UserID=WesR|Date=5 October 2006|Text=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 }} |
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| | + | {{ForumReplyPost|UserID=MSTguy|Date=5 October 2006|Text=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.}} |
Revision as of 17:03, 5 October 2006
Discussion Forum Index --> Tax Questions --> Missing K-1
NCACPA (talk|edits) said:
| 4 October 2006
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| 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.
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JR1 (talk|edits) said:
| October 4, 2006
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| Either file the 1040 w/out the corp info, or estimate it and file. Either way, you'll amend later...
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NCACPA (talk|edits) said:
| 4 October 2006
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| Thanks. Is there any point at late date to file an estimated 1120S?
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JR1 (talk|edits) said:
| October 4, 2006
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| 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...
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WesR (talk|edits) said:
| 5 October 2006
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| 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
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MSTguy (talk|edits) said:
| 5 October 2006
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| 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.
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