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bbq2
Level 2

Unresponsive S-corp

I have minority shares in a S-corp.  It has never produced neither income or a tax deduction.  They have only sent a couple of updates on the company over the 20 years I've been invested.  Each year, except this year, I received a K-1.  Do I need to file a form 1065?  It's an extra expensive to upgrade in order to file the 1065.

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5 Replies
Cindy4
Employee Tax Expert

Unresponsive S-corp

Hi bbq2!

A form 1065 is what a partnership files for income tax purposes.

If the S-corp has dissolved or went out of business they should send you a "final" K-1.

You may still receive a K-1.  They often come later than they should.  Have you checked with the company?

 

Hope this helps!

Cindy

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bbq2
Level 2

Unresponsive S-corp

Hi, thanks for your answer.  I really never hear from them.  I've tried contacting; they don't return emails or calls.  Only once, two years ago, did they respond with some information about what they were doing.  I know that my investment is lost; assumed so long ago.  I doubt they will send anything if and when they dissolve.  I just don't want to endure the expense of the premium turbo tax in order to file for a K-1

Unresponsive S-corp


@bbq2 wrote:

I just don't want to endure the expense of the premium turbo tax in order to file for a K-1


You are not required to file the return for the corporation nor should you file any type of K-1; you are not the responsible party.

 

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e600

 

If you cannot get a response, you might want to contact local legal counsel.

MirthaG
Expert Alumni

Unresponsive S-corp

You may check with the office of the Secretary of State in the state the S corporation was incorporated or is doing business.   S corporations have until 9/15 to file  a return (if extended). They are required to send you a K-1 every year. The k-1 reports income or other items allocated to you. They do not have to make distributions.  Most states have laws that a minority shareholder can avail themselves to sue the company  if  the company is oppressing the shareholder.  You should start by sending via certified mail a request for information, etc. 

Cindy4
Employee Tax Expert

Unresponsive S-corp

You're welcome.  I agree with MirthaG that you could check with the Secretary of State to verify whether or not they are still in business.  If they filed an extension, you may not see the K-1 until after September 15.  The Secretary of State record should also contain some type of contact information for the business.

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