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Business & farm
evidently, you filed w-2's and 941's. this requires you to file a 941-X for each quarter you reported withholding and/or fica/medicare taxes on partners "compensation". you would also have to file w-2 C's with the w-3. also, your 1065 must be amended. if you filed forms with your state these also need correcting. I strongly recommend that you use a professional to get this all corrected since your 1040 is due 10/15 assuming you haven't already filed. your 1065 was due 9/15 if on extension. realize that you and your partner will likely get hit with underpayment of taxes penalties because you will have no withholding taxes to claim. if you filed improperly in prior years, those years also need correction.
‎October 8, 2021
11:02 PM