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Fort Lauderdale Florida online Form Schedule K-1 (1065-B): What You Should Know

In the first example of this letter, we describe changes made at the IRS to audit the Schedule K-1 of a Florida partner (in this case, a New York optometrist). In this example, you are the sole shareholder of this partnership. It is your obligation to file the correct Schedule K-1 if you are a shareholder of a partnership with a foreign transaction.  If a partner is required to file a Schedule K-1, the partner should prepare the report using the applicable forms. If the Florida partner fails to file Schedule K-1, IRS has issued a Notice of Estimated Tax Failure with instructions on filing Schedule K-1. If this has happened to you, you should immediately contact a tax professional (i.e. tax auditor or CPA) for assistance. What to do if a partner fails to file Schedules K-1, K-2, or K-3; or if partnership information returns with foreign transactions are delayed If a Florida partnership fails to file Schedule K-1, IRS has issued a Notice of Estimated Tax Failure with instructions on filing Schedule K-1. If a partner file Form 1045/K-1, or Form 8379 for an S corporation (in lieu of Form 1065) for tax period ending on July 15, 2019, or later, then the partner may have an additional time to file Schedule K-1. If the partner has already filed Schedule K-1 for a tax period ending on July 15, 2019, or later, then IRS may require correction on the partnership return. This is done by filing a corrected Schedule K-1. You will now have 5 days to file a corrected Schedule K-1. If a partnership is required to file a Schedule K-1, the partnership would file a corrected Form 1065 instead. Please note that the partners would need to have the corrected Schedule K-1 filed before the first scheduled payment for any amount owed, even if they are owed an amount equal to the tax due for all partnerships.  If a Florida partnership is required to file a Schedule K-1, but the partnership is delayed to July 15, 2019, a partner should promptly notify the IRS via the telephone number listed under “How To”.  The partnership should then file corrected Schedule K-1 using the forms listed in the first bullet of Example 3.

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