Price quote nonresident k-1s

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#1
title26  
Posts:
1
Joined:
19-Dec-2017 10:18am
Location:
MD
Potential client asking about cost per nonresident return if had nonresident K-1s issued from multiple states. Level of involvement: 8 states with nonresidential k-1s with minimal income/ losses, which will result in net $0 nonresident returns.
 

#2
Posts:
835
Joined:
1-Sep-2020 2:47pm
Location:
845-NY
I have one client who has these and I get 2-3k for the return.
We go through the K-1's and determine which states to file based on an arbitrary amount, usually +-100, and let all the rest send letters if they want.
A $20-$50 tax letter is cheaper than me doing all those states for sub 100 in income.
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It's not the right way, but it's worked so far.
 

#3
ATSMAN  
Posts:
2094
Joined:
31-May-2014 8:34pm
Location:
MA
I have one client that has to file in 5 states because of K1 income from a RE partnership. I had to first charge them on an hourly basis because I had no idea how much time will be involved. What may appear simple may turn out to be a real time hog with state adjustments required especially with depreciation, NOL etc. My state is notorious for that. :roll:
 


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