club_cafe: K-1 Forms.
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club_cafe: K-1 Forms. >>We have two club members who are having difficulty dealing with the IRS over their K-1 returns. Apparently, the IRS does not allow decimals on K-1 forms. IRS employees often don't type in the decimals and the numbers show an error in taxes paid/claimed. Can Bivio adjust future K-1 to round the figures so no decimals are shown? One member is being audited because of this, and is not happy. There is no IRS prohibition against reporting pennies on any tax form (although they do prefer whole dollar amounts). If one of your members is being audited because the IRS didn't enter data correctly, all that member has to do is reply to the IRS notice and state that the amounts claimed by the IRS do not correspond to the K-1 as received by that member and as filed with the club's 1065. The IRS will check their records and close the audit. Ira Smilovitz |
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