AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, Your Money.
Education/Credentials BBA, Baylor University.
Awards and Honors IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 7/23/2008 Subject: K-1 question
Question I think I understand the function of the K-1 but I am being asked to provide this form to a person who is a new partner due to a deal struck and her resultant investment. She is not an active partner. The company has not yet filed their taxes for 2007 but she needs a K-1. What can I do without a tax return to give her this information? I need this information as soon as possible.
Thank you in advance!
Answer If she was a partner in 2007, she is entitled to a K-1 or a some statement showing her share of income and expense items, as well as tax preference items, so that she can complete her personal return. It is not at all uncommon for partnerships to issue these late. Most partners cannot file their return until after 09/15 as a result.
