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The K-1 can report income without distributions. Or, the other way around, such as distributing previously taxed income in a later year. He will need to speak to the tax matters partner if he wants to find out when he will receive a distribution.

If TD Ameritrade will not cooperate, call again (or you might have to have the client call) and ask for the Compliance Department. (To the person on the other end of the phone this is like pushing the red button to talk things over before the nuke attack begins.) Explain that you have reason to believe money is missing from a client's account and that you demand account history and especially details on the rollover. They might not sound too happy to help at first, but they know your next step is the SEC and should come around. Just maybe the broker is no longer there because of similar problems in other clients' accounts? TD Ameritrade has been named in many FINRA cases. Threaten all you have to. Hopefully they don't want anymore trouble. I had several clients with the same broker at Ameriprise who had insane numbers of trades and huge losses. I had each of them contact the Compliance Department. One was paid for most of his losses (after a few low-ball offers). The others are still waiting. I will say that since I had these clients file complaints, their accounts have been much better managed--investments that make sense for people their ages, minimal trades, etc. I had a few other clients at smaller firms I told to talk things over with their brokers about what was going on in their accounts and why they were being charged such massive fees. In every one of these cases, the brokers contacted me, learned more about our mutual client's financial situation, and made much better investment choices. Many of them still call me every year to see if the client's needs have changed. Sometimes all it takes is for these people to learn that someone else is looking over their shoulders to convince them to act in the client's best interest.

If there is a partnership agreement, my client has not seen it nor signed it. He is the odd man out for many years because his deceased father did not like his wife. Both partnerships were established in 2013 after the passing of his father. No clue about TMP in the name. I could tell a lot about what his happening if he can get the 1065s. He is as honest as the day is long, and is hesitant to stir up things with his family. He is actually TOO MUCH of a nice guy in that respect. It is not in his nature to be deceitful or dishonest. He just wants to know. I created a letter for him to the tax accountant "requesting" information. We will see what that stirs up.

My ipad increases my business & personal productivity. I don't prepare tax returns on it, but it serves extra duty as my 3rd monitor,. It is handy for such tasks as checking and replying to email, looking up pubs or other research, checking forums, etc. (Matter of fact, I'm on it now even though I''m at my desk with my computer on) I don't have any games on it (other than the ones my grandkids installed for their use). When I'm shutting down the office at night, I just toss the ipad in my backpack and off we go, so I can pull it out at home or anywhere while watching tv, waiting on appointments, etc. I do have a data plan for it, so I'm not tethered to wifi, but it's quick and easy to sign onto wifi when available. Since it's an Apple product, I don't worry about viruses & malware very much. When I travel, it's convenient for using in-flight wifi in the confined space of the airplane. It works equally well here in the US and overseas (for the most part). It's also my library, Bible, music player, photo & video editor, note pad, Kindle, GPS, online banking resource, check register, and appointment book. It's also synched up to my iPhone, so there's lots of redundancy across both devices. I could do my work without it, but I could also do my work with a pencil & carbon paper. For me, the tablet provides some flexibility and seamlessness between various tasks, and even though I paid about $800 for it, I don't think it cost me a penny because of the increase productivity. Going without it would cost me real dollars. A few suggestions for anyone getting a tablet. Don't pinch pennies - get the maximum memory and don't waste money on a "wifi only" version. (Without a data plan, much of the efficiency evaporates). Buy a good case with an integral bluetooth keyboard. Typing on the screen is usually tedious, but a high-quality Zagg keyboard/case makes that problem go away while protecting the device.

I use it on vacations so I can have a pdf of my clients returns incase they have an "emergency" need for info. surfing the web and handling emails is great. the best though is that it fits in a hotel safe which a lap top can't. and with a laptop handy I might be tempted to get some work done. Going to a seminar? you can download the info so you don't have to use paper. many of the seminars lately send you a pdf of the material and don't give paper copies. if you do a lot of internet work the battery on the tablet way outlasts a kindle.

Funny and adorable! "If it fits, I sit." http://youtu.be/XDqUz2lG7-s

KC, remove the link...

if he was a general partner I would think he has the right to a copy of the return. Limited partners do not. As a general partner he could probably request a copy from the irs.

All of the above comments have pointed out things that I was using the tablet for without even thinking about it. Reading this board is one of them. I agree with John that having a tablet is futile if you don't also have a data plan. These plans are getting less expensive all the time. We have seven devices on our plan; including two tablets. We share 10 G of data and never even come close to using it because of the availability of Wi-Fi. I have a good case, but rarely use the keyboard. Typing on the screen with a stylus gets really easy once you get used to it. Don't forget a good Zagg screen protector. I will never be without a tablet, even if it is a toy.

Just because the K-1 shows income or a profit, does not mean that actual monies have been distributed. Does the K-1 show an increase in his Capital account? If not, perhaps they needed the rental income for operational expenses. Just because there is taxable income does not mean that there is a distribution, as has been pointed out above. Family owned as well as other partnerships often have a lot of drama involved because no two people think alike. If the TMP is calling the shots, your client should address his questions to the TMP. My husband has been the TMP for a family-owned Partnership for 42 years.; so I know of what I speak. I have prepared the returns for all of those years; including the one that involved the sale of a share in the Partnership from one family member to another family member. It is better now, but there is still drama. If your client doesn't want to speak to the TMP, perhaps he could speak to the Accountant who prepared the 1065.

If you have a competent and knowledgeable I.T. person, a robust desktop will work. Raid 5 with three drives is recommended.

I have never given copies of the 1065 to all Partners. That goes to the Tax Matters Partner, who signs the return. All partners, including TMP, receive a K1. I would certainly give any partner a copy of the 1065 if he asked for it, but have never had it happen. Quickfinder for Small Business; page B-1, Paragraph 2 states that Partnerships are required to furnish a Schedule K-1 to each partner b the due date, including extensions, of the partnership tax return (Form 1065). See IRC 6722 regarding penalties for failure to furnish a timely K-1

And the client is unwilling to admit what "something" was. However, the IRS does not care!! Tell him to fess up so you may possibly be able to help him, or simply pay the notice.

Since the majority of taxpayers are unable to itemize, "monetary" charitable contributions should be an adjustment to gross income, instead of an itemized deduction.

I agree, but since the main reason for his setup is to have one unified database, I believe he could both have the setup and meet the license requirement by buying a second license.

I would have thought she would be thrilled they thought about this and practiced as much as they did just to celebrate her special day.

Actually the IRS is a reflection of our current culture and dysfunctional political system. Observing what is going on in the USA recently is like watching the "Fall" part of the "Rise and Fall of the Roman Empire"