Business & farm

Ok ... so you issued a K-1 on a unfinished incomplete 1065k ... bad move if more corrections to the K-1 may need to be made.  Instead of issuing the K-1 early all the partners should have gone on extension like the partnership did and waited for the real K-1 form.    Now all the partners really should wait for the correct K-1 to be issued as the one that was sent out prematurely is not correct.  If they already filed they should wait for the final K-1 form to amend their returns if needed.