Paying for schedule K.

[no1chebon]

What is the name of your state? Kansas
Our business manager is indicating that the shareholders of an
LLC will have to pay a portion to the accounting firm to obtain
the final paperwork for taxes. Does this should proper? We have never paid in prior two-years...THANX

 

[abezon]

An LLC is required by law to file a tax return (which contains a Schedule K) and issue Schedules K-1 to all members. This is a cost of doing business. If the LLC refuses to issue K-1s, you can file a complaint with the IRS.

However, keep in mind that you pay for the K-1 whether you pay directly or via increased expenses (& reduced profits) on the LLC return.

 

[no1chebon]

Schedule K still withheld for 2002 and 2003

Thank you for the advice...

Complained to the IRS about Form1065 for 2002 and 2003 and they
advise that they do not intervene between private parties?

The manager/owner's attorney and others have said NOT to try
and secure the paperwork? Shareholders are not liable?

I can't seem to make these individuals understand that each of us
MUST file an amended 1040x and will have to pay penalty plus
interest....

These people don't seem to care....so can I change my 1065 filing
to the ordinary loss of $3000.00 per year...If so...how....

thanx