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Old 06-02-2006, 04:39 AM
Paul Thomas, CPA
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Default Re: What if the company won't send me information?

"Ted" <Ted[at]ixmil.com> wrote

- quote -

> I own 5% of a company (subS), and am not on good terms with
> management. Sadly there is no market for the stock, or I
> would be long gone.
> They refuse to provide me with the information I need for my
> tax returns. Any advice on what to do?


They have to provide you with a K-1. They may have had to
extend the due date of the filing (as is the case with
several of my clients this year), which delays the issuance
of a K-1.

- quote -

> The amount is trivial (whether it is a profit or a loss I
> don't know, but it is small...), but I doubt the IRS will
> just let me skip it.


You have the option to include your best guess of the income
(but you can't guess about the losses) and file an amended
return later when a K-1 is received.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 
Old 03-09-2006, 02:00 AM
Bill
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Posts: n/a
Default Re: What if the company won't send me information?

Ted[at]ixmil.com (Ted) posted:

- quote -

> I own 5% of a company (subS), and am not on
> good terms with management. Sadly there is
> no market for the stock, or I would be long
> gone.
> They refuse to provide me with the information
> I need for my tax returns. Any advice on what
> to do?
> The amount is trivial (whether it is a profit or a
> loss I don't know, but it is small...), but I doubt
> the IRS will just let me skip it.


Since you're already "not on good terms with management" ...
seems you shouldn't worry about dropping a dime: Phone
1-800/829-1040 and report the company's non-compliance to
the IRS. They'll inform the company of their
responsibility, and also advise you on what interim options
you have to file your return properly.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 03-08-2006, 05:13 PM
Ted
Guest
 
Posts: n/a
Default What if the company won't send me information?

I own 5% of a company (subS), and am not on good terms with
management. Sadly there is no market for the stock, or I
would be long gone.

They refuse to provide me with the information I need for my
tax returns. Any advice on what to do?

The amount is trivial (whether it is a profit or a loss I
don't know, but it is small...), but I doubt the IRS will
just let me skip it.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

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