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We Sold Our Interests In The LLC, Of Which We Were Majority Owners In August 2015. I Am Trying To Finalize Our Taxes For 2015, But I Have...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The only form you should receive from the LLC is a K-1. It is due when the return is due, April 18. However, it is not uncommon for partnerships to file for an extension, so you may not see the K-1 until September....   Read More
How Do You Report Matching Contributions To A 401(k) By A Partnership On Behalf Of Its Partners On Form 1065? Do These Matching...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The contributions must be shown on the K-1 as Guaranteed Payments. Line 4 of the K-1. They would also be shown on line 13, code R. As a guaranteed payment, the amount would be included in taxable income. However,...   Read More
Can I Amend Several Tax Returns That Are Being Audited And Can I Change From LLC Filing Pship Returns To Sole Proprietors And File A Sch C.
User Photo Barry Fowler
Tax Professional Level: Tax Enthusiast

First, I hope you have representation with the audit. To answer your question yes You can prepare the amended return for the auditor so that the returns get corrected right. The Auditor may just ignor the amended...   Read More
User Photo Gary Carter, PhD, MT, CPA
Tax Professional Level: Tax Enthusiast

Under IRC Section 1446, a partnership that has income effectively connected with a U.S. trade or business must pay a withholding tax on the effectively connected taxable income that is allocable to its foreign...   Read More
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If you are filing the 1065 online the partners K1's should flow with the return automatically. If you are mailing it then, yes, be sure to include the K1s with the return.   Read More


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