Filing a premilinary return 1120S

[ILLMAS]

TP is waiting on some documents that may or may not affect his 2014 financials, however two shareholder need their K-1's ASAP and was wondering if anything special has to be done to let the IRS know the return might be amended or that it's not the final numbers?

 

Thanks

 

MAS

[kcjenkins]

Marco, don't confuse the IRS.  If you file based on best current knowledge, just file it as normal.  If it turns out you do need to amend, then you amend.  

[rfassett]

Now that you have knowledge, I would quiz the client as to the nature of the documents and attempt to clear up the ambiguity.  You may find that you already know too much to sign the return that it is true and accurate to the best of your knowledge.  And amending 1120S's is not just about amending the 1120S, the K-1s and consequently the shareholders' 1040's will need amended.  If the two shareholders are putting pressure on you, re-direct that pressure to where it belongs.  At this point, the S should already be on extension.  Tell the shareholders that your hands are tied and until you can finish the S accurately, there is nothing you can do and they may have to extend their 1040s.

[Richcpaman]

Yes, put the pressure where it belongs.

 

Have the shareholders call the guy who has the info but isn't sending it to you.

 

I have that now, 25 cranky shareholders and the "manager" is dragging his feet about getting the info to us.  However, the "manager" has no problem telling the shareholders to call our office to get the info. 

 

I have put a stop to that.

 

Rich