EDP (one of those energy companies) K-1

[Lion EA]

Do you have any clients owning EDP? Or any of those energy companies with multiple passive activities and multiple states? (I used to, but not for a long time.) How much more do you charge due to the EDP K-1 -- new forms, schedules, states, etc., needed in the return -- than without that K-1?

I have a client who wrote, "stock that generates a K-1. Do you charge to do the work for a K-1?" Less than your financial advisor!!

[Sara EA]

We charge at least $50 for PTP K-1s, $150 when they sell the d*** thing.  As for states, usually the amount per state is minuscule.  I never file state returns for these and have never gotten a complaint from any state.  The exception may be when there is some taxable income in the taxpayer's state of residence, in which case you add it to their state return.

[Lion EA]

I look up each state's filing requirement, and then let my client make the call. This gal invested a lot, so I expect some of the states to be substantial. And, when clients sell and have profits in a few states, they'll be happy with their former loss carryforwards. A few of these PTPs have NY nexus, so my NY commuters must report to NY; I don't let them make that call.