@DreaSan wrote:
Thank you so much for your help. The new accountant I mentioned has already taken care of the 1065 form, and I now have the K-1 statement in hand. He advised me to reach out to my previous accountant to handle the K-1, but as I mentioned, that accountant is out of business. The new accountant also said that if he were to file it, he’d have to charge me as if he were filing my personal return again.
I have two questions and I really appreciate your time:
- Can I call the IRS myself to request a waiver, or would it be better to hire an accountant to negotiate, for a better chance of acceptance?
- Can I handle the K-1 myself?
Thank you!
If your new accountant filed the 1065, let the new accountant deal with any penalties if and when the IRS issues an assessment. The accountant should be able to help you request a waiver.
If you filed your personal tax return with TurboTax for 2023, it is fairly easy to file an amended return to add the K-1. Open the program on your computer, or log into your account, and click the button to start preparing the amended return.
If you used an accountant to prepare your personal return, there are a few extra steps to preparing an amended return using Turbotax. It will cost about $100-$150 for the DIY package, depending on which version you use. Turbotax also has live assistance (where you can video chat with an expert to get help) and Live Full Service, where a CPA prepares your return for you, all at additional cost, of course. You can look at the program versions and costs at the home page.
https://turbotax.intuit.com/
Many people prepare their own returns with Turbotax, but it depends on your level of personal comfort with tax returns and finance. Using a professional is always a good option, sometimes spending the money is better than struggling with an unfamiliar process. (And I agree that if the new pro did not prepare your original return, they would have to charge you as if they were starting from scratch).
We can provide the steps for using Turbotax if you want to go that route.
