Hello all, long sad story...client a partner in sketchy partnership. Just received 2012-2015 k-1's showing losses, guaranteed payments and 1231 gains...nothing ever reported on my client's timely filed returns..
Bottom line is this for the 4 years:
guaranteed payments 72,951 - from 2012 only
sec 1231 26,462
losses, ordinary (97,983)
interest income 2,426
net exposure, other than self employment tax for the years is 3,856.
the 2012 amount would be significant when compared to my client's original 2012 return. So even if a closed year, would the late PS filing reopen??
No correspondence from IRS yet. Ideas?
Many thanks,
Jane
