I know this is probably a dumb question, but do I file the
K1's with the federal 1065. I cannot remeber if I just send
in the 1065 and attachements, and include copies of the k1's
or not.
Steve

Steve, the IRS wants the 1065, schedules, and one copy of everybody's K-1.
Make sure their K-1's include their social security number, and that you
sign the 1065 if you did it. If bivio did it, I believe they sign as
preparer instead. Give your members their K-1 along with a copy of the
instruction sheet. They don't send it in with their filing, but are
supposed to use the figures from it in their computations, or include it in
their package for their accountant.

Gene Rooks, Orlando
Space Coast Chapter

Gene, Thanks. I had the same question.

Robert


Gene Rooks wrote:
> Steve, the IRS wants the 1065, schedules, and one copy of everybody's K-1.
> Make sure their K-1's include their social security number, and that you
> sign the 1065 if you did it. If bivio did it, I believe they sign as
> preparer instead. Give your members their K-1 along with a copy of the
> instruction sheet. They don't send it in with their filing, but are
> supposed to use the figures from it in their computations, or include it in
> their package for their accountant.
>
> Gene Rooks, Orlando
> Space Coast Chapter

Gene,

<<
Make sure their K-1's include their social security number, and that you
sign the 1065 if you did it. If bivio did it, I believe they sign as
preparer instead.
>>

Not quite, Gene. It's true that for certain fee levels, bivio will
prepare the returns for you and sign as preparer. However, you still
have to have a partner sign the return, as well. In other words, every
return must be signed by a member of the partnership. If you paid
someone to prepare the return for you, that person must sign, also, as
preparer. Merely having the software generate the return does not
constitute a preparer.


Rip West
Saint Paul, MN

Thanks, Rip. Haven't been through it from the bivio end yet, and I thought
I had read that when they did it for you at the extra charge, they signed,
didn't realize the club partner also still needed to sign. Best wishes,
Gene