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As a professional with a busy schedule and layers of accounting complexity, I need the peace of mind that comes with knowing my financials are being handled professionally, in compliance with all laws and regulations, and with an eye to detail.

Gary Bode has provided tax preparation and business accounting assistance to me for three years now, and I can honestly say that I rest well at night, knowing that someone is tending to the details that I don't have time to master.  He is professional, always willing to work through a complex situation, and he explores every angle.

I look forward to working with Gary for many years to come, and wholeheartedly recommend his services to anyone who is looking for the assistance of a capable accountant.

Father Peter Robichau

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S Corp CPA discusses what to do if you don’t receive Schedule K-1 | IRS Form 8082 | Form 1120-S

Form 1120s Form 8082 S Corp CPA

Late arriving Schedule K-1 from your S Corp? File IRS tax Form 8082 with your Form 1040. We offer a free phone consult on S Corp tax problems. (910) 399-2705.

S  Corp CPAs  get asked what a Shareholder should do if their Form 1120-S Schedule K-1 doesn’t arrive on time. Apparently the IRS got asked as well; they reset the filing deadline from October 15th to September 15th, 2013. Before this change, CPAs filed lots of amended tax returns when Schedule K-1 became available. Without Schedule K-1, the shareholder’s personal taxes can’t be filed accurately. So what should an S Corp shareholder do if Schedule K-1 isn’t available? The answer; file IRS Form 8082. It’s still a tax problem for the shareholder but Form 8082 should eliminate most late filing penalties.

“You also use Form 8082 if you disagree with anything on the S Corp’s Schedule K-1.”
– Gary Bode, S Corp CPA

Didn’t receive a Schedule K-1 from your S Corporation’s CPA?

Here are your options:

  • Call the S Corp CPA. Try to get Schedule K-1. I never hear CPAs confessing to filing late, but maybe some of them need a little push.
  • File Form 1040 late. Don’t do it.
  • Prepare your personal return and ignore Schedule K-1. Not the best avenue, even if you intend to amend your Form 1040 when Schedule K-1 arrives.
  • Estimate your Schedule K-1. Here you’re showing the IRS that your intent isn’t tax avoidance. I use a supplemental explanation with the Client’s Form 1040. I keep it concise with a clear presentation of the calculations. If I can’t base it on actual 2013 data, I’ll use the 2012 Form 1120-S Schedule C as a baseline.
  • File Form 8082 with your Form 1040. This officially notifies the IRS that Schedule K-1 hasn’t arrived in time to file. I still use a supplemental statement as discussed above. It includes stating specifically that the client intends to amend the tax return once Schedule K-1 arrives. Should you estimate the expected Schedule K-1’s figures? It depends on the circumstances.

Estimating your Schedule K-1 has risks. A 2013 tax court case ruled that the IRS could extend the statute of limitations for collections to six years because the taxpayer under estimated the tax consequences of his S Corp’s Schedule K-1.

I’m a Form 1120-S CPA. We operate as an S Corporation ourselves. Our virtual office allows us to serve long distance clients. If your S Corporation doesn’t have a CPA, please consider calling us for a free phone consult at (910) 399-2705.

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