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Business & farm
Thank you so much for all of your help, Alicia! Income is understated on the original return because I overstated an expense (and now need to reduce the expense), so that's why I was wondering if it creates an Imputed Understatement of tax that should be paid at the partnership level instead of sending out amended K-1s.
The partners should owe MORE tax, but I'm unsure if we fix this by paying an IU on the 1065-X or by issuing amended K-1s that the partners use to file their 2022 personal tax return (also the tax year of the mistake).
‎April 7, 2023
11:03 AM