Short question:
Are following a reason to AMEND the Form 1065 and send out new K-1's:
(a) missing balance sheet data (beg/end capital and liabilities) but no income/loss impact, or
(b) using wrong state of residence address for the guaranteed payment partner (me).
Details:
I manage a California LLC filing as Partnership on Form 1065. I filed on the deadline March 15 and sent out K-1s to three passive partners plus me, active partner/manager.
For the 2022 partnership return, I did not complete the balance sheet (not required as we are small). HOWEVER, the partners' tax accountant wants beginning and ending capital and share of non-recourse liabilities to print on the K-1's. Secondly, my K-1 shows the wrong state of residence for me, just dumb mistake as of course I don't have to mail the thing to myself. I have no capital in the business, receiving only small "Guaranteed Payments."
What I did:
I have gone back--miserable task--and completed the balance sheet (for two years, as I didn't prepare it in 2021 either, but nobody noticed).
Question:
Should I amend Form 1065 and the K-1's for 2022? (And 2021 for that matter? Yikes)
I have not filed my own 2022 personal income tax (Form 1040 and CA Form540NR) yet, and want to get this right. The balance sheet info affects three partners, not me; the address mistake just affects one partner, me.
Technical process question, IF I amend:
When I added the balance sheet details in the 2021 file, the K-1's populated nicely with the ending capital and non-recourse liabilities info. But for 2022, it looks like I need to manually enter that information. Correct?
THANK YOU for any advice!!
