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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,436
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IRS Phone Hell
Got our corp taxes back recently with a cryptic note about needing K-1s for each payee.
Have no idea who the payees are. called the number on the form 2 hours ago. on 7th transfer now. no one knows anything. "we don't handle that." ...transfer
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Tru6 Restoration & Design |
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06-05-2007, 03:55 PM
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Monkey+Football
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Know a good tax attorney or accountant you trust? Bet you'd get a better answer from them....
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<Insert witty comment> 85 Targa Wong Chip Fabspeed M&K Bilsteins and a bunch of other stuff. |
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06-05-2007, 03:59 PM
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Monkey+Football
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<Insert witty comment> 85 Targa Wong Chip Fabspeed M&K Bilsteins and a bunch of other stuff. |
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06-05-2007, 04:00 PM
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Registered
Join Date: Oct 2006
Location: Colorado, USA
Posts: 8,279
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Based on your post, it sounds like your company is an LLC.
The K-1s would reflect all of the payments made to members of the LLC during the tax year. |
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06-05-2007, 04:00 PM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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K1 can also show a loss. Ask me how I know
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Cornpoppin' Pony Soldier |
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06-05-2007, 04:04 PM
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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,436
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thanks guys, "payees" are just our shareholders.
I asked why they didn't use "shareholders" on the form, response was, "I don't know, and I wouldn't have known unless I looked it up." Just attach our K-1's and we're all set. 2 frikken hours for that.
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Tru6 Restoration & Design |
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06-05-2007, 04:12 PM
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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,436
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Quote:
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Tru6 Restoration & Design |
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06-05-2007, 04:13 PM
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Registered
Join Date: Oct 2006
Location: Colorado, USA
Posts: 8,279
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Yeah, in an S corp the payee is the shareholder, same as an LLC
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06-05-2007, 04:24 PM
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Registered
Join Date: Oct 2006
Location: Colorado, USA
Posts: 8,279
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As far as agreements and evil partners, an S corp is no different than an LLC, other than the titles.
Operating agreement and evil partners v. shareholder agreement and evil shareholders. |
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06-05-2007, 04:25 PM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,714
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in almost a decade of corporate tax preparation i have never heard of a CPA failing to attache K1's to a tax return. that is really odd.
btw, LLC's are not bad, but the operating agreements surely can be if not carefully prepared.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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06-05-2007, 04:46 PM
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Slackerous Maximus
Join Date: Apr 2005
Location: Columbus, OH
Posts: 18,198
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I had to call the IRS with a question about W-2s. I got someone on the line immediately, and the guy was quite helpful. I was suprised!
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2022 Royal Enfield Interceptor. 2012 Harley Davidson Road King 2014 Triumph Bonneville T100. 2014 Cayman S, PDK. Mercedes E350 family truckster. |
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06-05-2007, 06:42 PM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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When I got married, I had to get a PIN to file my Illinois State Taxes electronically. The form instructed me to call the Illinois Department of Revenue to get a new PIN.
The "official" phone hours for the IDoR are 9:00 - 1:00, T-F. I found that they frequently wouldn't switch on the phones until 9:15 - 9:30, they would switch them off again at 11:00, and may or may switch them back on again. I know this because I would get a pre-recorded message telling me to call during business hours when the phones were "off". As soon as they switched on the phones, I would get a busy signal. After 10-20 minutes of speed-redialing, I might get into the automated answering system. After figuring out how to navigate the menu system (which answered none of my questions), I would get no sound on the line for 10 minutes...only then did a rep answer the phone (it took me over a month of hour+ phone calls to figure out how to navigate the system to get to this point). When I finally asked a real person how to get a PIN to file electronically, she told me that I had to file by paper and hung up... The system was designed to get you to give up in disgust, and when you did reach someone, they refused to do the work to resolve your problem.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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06-05-2007, 06:52 PM
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