There are a number of issues here:
- Unfortunately, regardless of the size of a business, when you have partners the tax implications and reporting are the same....complicated.
- You indicate that you did the return in TT in prior years and then stated "I assume they will be doing it in a similar manner....". TT doesn't prepare the return, you do. TT only provides an output of information based on what you have provided.
- While the facts don't provide this information, I assume you prepared a partnership return in the past? Form 1065 assuming you followed the default entity choice.
- If that is the case, someone will need to complete a final Form 1065.
- There are a number of issues that need to be addressed
- Depending on when you left the business entity, the partnership return may be late
- If it is late, you will have penalties based on the number of partners and the number of months that the return is past due
- Regardless of whether you received any final distribution, there could be some depreciation recapture for you
- Have you maintained a tax basis schedule in order to determine your overall gain or loss
- Since the business took out a PPP there may be some confusing issues with the SBA.
As you can see, this may not be something you are able to handle without some professional advice. I recommend you consult with a tax professional quickly before they get too overwhelmed in their tax season.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
