Taxes
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Taxes We have discovered that a new member filed her taxes before receiving her K-1. Do you know what she needs to do about it? (Her K-1 is now ready.) You need to give her her K-1 and she needs to determine if she needs to file an amended personal return. Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe On Sun, Mar 10, 2013 at 4:03 PM, Alyce Johnson <mar.johnson@comcast.net> wrote: We have discovered that a new member filed her taxes before I would suggest that she file an amended return even if there is no change in tax liability. If she doesn't she will receive a letter from the IRS in a year or two asking about the missing entry(-ies) for the partnership. It's always easier to correct things earlier than later. Ira Smilovitz On Sun, Mar 10, 2013 at 4:19 PM, Laurie Frederiksen <laurie@bivio.biz> wrote: You need to give her her K-1 and she needs to determine if she needs to file an amended personal return. I am wondering if there is a level that the IRS considers negligible. This member’s share of profit, loss and capital (Part II J) is only 0.51% (up from 0.27). Her Net long-term capital loss (Part III 9a) is -2? She is a very new member. Life is a special occasion. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of ira smilovitz I would suggest that she file an amended return even if there is no change in tax liability. If she doesn't she will receive a letter from the IRS in a year or two asking about the missing entry(-ies) for the partnership. It's always easier to correct things earlier than later. Ira Smilovitz On Sun, Mar 10, 2013 at 4:19 PM, Laurie Frederiksen <laurie@bivio.biz> wrote: You need to give her her K-1 and she needs to determine if she needs to file an amended personal return. Laurie Frederiksen On Sun, Mar 10, 2013 at 4:03 PM, Alyce Johnson <mar.johnson@comcast.net> wrote: We have discovered that a new member filed her taxes before While there is an unknown level which the IRS considers too small to pursue for collections, the first round of correspondence letters are sent out by computer with no human intervention. If there is no K-1 listed on the personal return, but the IRS has a K-1 from the partnership, a letter will be issued, typically 12-18 months after the filing deadline. Ira Smilovitz On Mon, Mar 11, 2013 at 8:48 AM, Marlene Johnson <mar.johnson@comcast.net> wrote:
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