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Never received 2018 K1

Technical topics regarding tax preparation.
#1
TY20XX  
Posts:
10
Joined:
13-Feb-2020 12:31pm
Location:
IL
I have a client that never received their 2018 K1's from a partnership they have an interest in.

I have read there is a way to request a copy.of the K1's, but how would you do this? Would a 4506-T assist in obtaining them?

Also can he request a copy of the returns from the IRS as well? If so, how?

The Syndicator is not cooperating and has not been transparent. My client has no operating agreement or and records. Just received K1's for prior years . We are not aware of the Tax firm that filed the partnership's return.

Attorney we spoke with advised to gather any I formation and will send a demand letter.

Can anyone dealt with this situation before and what would be the best approach.

Final note, client has filed based on estimates, but will amend once we receive the updated K1's.

Thanks in advance.
 

#2
AlexCPA  
Posts:
84
Joined:
11-Apr-2018 9:40pm
Location:
Los Angeles, CA
My first step would be to obtain a signed Power of Attorney (Form 2848) and call the IRS Tax Practitioner phone number ((866) 860-4259) to request transcripts for the taxpayer. Specifically, I would request the "Record of Account" and "Wage and Income" transcripts (the various transcript types are listed here: https://www.irs.gov/individuals/tax-ret ... order-them). The Wage and Income transcript may contain some, but not all, of the information shown on the Schedule K-1 if one was filed (there may be supplemental information shown on the Schedule K-1 which will not appear on the transcripts).

Aside from filing the returns with best-efforts estimated figures and an explanatory note indicating that the partnership has not provided Schedules K-1 and has been uncooperative (including evidence of a good faith attempt to obtain the missing Schedule K-1), I'm not sure that much else can be done.
 

#3
novacpa  
Posts:
339
Joined:
28-Apr-2014 1:16pm
Location:
Arlington, Virginia
If you qualify to get a POA good; if not have the client get his "his wage & income transcripts from the IRS" - give them to you.
Match items on W&I to tax return.
May need to prep and file 1040X.
 

#4
HowardS  
Posts:
1339
Joined:
21-Apr-2014 3:12pm
Location:
Southern Pines, NC
Will a transcript have enough information for the partner to adjust his basis?
I suffer from depreciation.
 

#5
TY20XX  
Posts:
10
Joined:
13-Feb-2020 12:31pm
Location:
IL
Thanks a lot! I will get on the horn Tuesday.

Is there a way to request transcript for partnership returns/K1's.

While AlexCPA and novaCPA 's response may have provided me with the guidance I may have needed. I am still open to any advice regarding potential issues I may receive.

Thanks for your input. I have already received my money's worth for signing up. ; )
 


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