I am so grateful for your help here!
He was issued a w2 where he received wages, and also the profits from this partnership were split 3 ways from there on k1s. To further complicate, he has a SEP that is ET, (a publicly traded account), that also passes k1s on to their shareholders. has 1099-Ds, 1099-Divs, 1099-Gs, 1099-Ints. And, lastly, regular 1099s.I have them all...except those darned partnership k1s. And it is, as you pointed out, impossible to calculate or estimate anything (other than his net take home) without them.
Thanks for your help here. Please allow me to recap for accuracy:
*log in to IRS website to get wage transcript. If its there, great.
If not:
*call IRS and report non-receipt of w2 & k1s. Be prepared with exact employment facts when I call. ie: dates of employment, addresses of employer/employee, etc.
* IRS will send me a form 4852, which I will use if I don't receive the darned k1s and/or w2s in time to file.
*The form 4852 is our best estimate of w2 wages earned and taxes paid.
*Wait until Sept 22/23, if still no k1s received, dont file the k1s and include a form 8082 with my return for safeguarding ourselves.
*This situation will require the help of a lawyer and a CPA to weigh the obligations with the risk in such a sticky situation. Both to protect us, and to ensure the remaining partners' actions don't also become our burden.
*Possibly, we will need a form 7203. There is a lot of grey area, here. Several things to consider, none of them simple.
Do I have that all correct?
I have more questions, so please bear with me...
I already filed (with the state) his resignation from LLC. Paid the fee. Have the certificate in hand.
a) Is there any form I need to file with the IRS that states the same?
Had an atty send the remaining partner a demand letter for the w2 & k1s. Also copies of the business records. Weeks now, no response.
a) Do I need to have a 2nd demand sent? (Maybe, paper trail?)
b) If yes, do you have any suggestions on different/imperative wording to be included?
c) Is there a way we can request the tax returns/statement of account that the business filed each year he was a partner?
d) Are we entitled/authorized to get this? How?
One of the partners had taxes filed by 2 firms, one is now out of business and the other we were never made privy to the name of, so actually no clue who 2nd firm is/was.
e) So, would the IRS have access and give us a copy?
If not, then we are liable for it all, regardless, yes? Hm. Ok.
Random slew of questions to follow.....
*What happens if we never receive it and then don't file the k1s?
*What happens if the other partners didn't and don't file the business taxes at all?
*How would we go about doing it ourselves just to ensure they were at least filed?
*Where would we get the numbers for this to take place?
*Are there any forms you know of to support this?
Thanks again to any answers that post. I have been glued to my laptop for an unmentionable amount of weeks trying to clean this up on my own. There could not be a more grateful recipient of your help. There just couldn't be. Thank you
