TxSrv wrote:
- quote -

And of course there's a lesson to be learned here, too.

Anyone who has invested in or has an interest in either a
partnership or Sub S corporation ought to know that a K-1
will be forthcoming, AND in cases like this, will usually be
sent out much later than January 31st, what most people
think is the due date FOR the K-1's.

Many brokerage houses advise their investors to be watchful
just in case a K-1 or two might be late. And there are some
preparers who will put a 1040 on extension if they know such
a K-1 might be on the way.

ChEAr$,
Harlan Lunsford, EA n LA

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Chris" <kf6vci[at]gmail.com> wrote:

- quote -

If, as you say, you are living in Europe, you did not need
to file your return this month. Any US taxpayer living
outside the US is granted an automatic extension of time to
file and TO PAY their income taxes. This extension is good
for 60 days so, for most taxpayers, until June 15. As long
as you attach a statement to your return saying you are
living outside the US, there are not late filing and no late
payment penalties. IRS does charge interest from April 15
until the tax is paid but this is minor, compared to the
penalties.

You have also encountered a common problem for investors in
partnersnips and LLCs. Unlike corporations, which must file
by the 15th day of the third month, partnership returns are
not due until April 15, just like an individual. As a
result, it is not unusual for investors in these entities to
have to extend their personal returns.

But, like Dick says, you need professional advice both tax
and legal.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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Chris wrote:

- quote -

No "red flags" will pop up this early. And Taxpayer
Advocate has no dog in this fight, as it were, so those
items you sent should be rejected. Merely amend Form 1040
with 1040X as soon as possible, to minimize any
failure-to-pay penalty.

Fred F.

<< ================================================== ===== > << 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. > << ================================================== ===== >

I had filed both state and Federal taxes when a few days ago
a Schedule K-1 for $38,221 came. Mailing date was April
11th. This means: a) red flags will pop up, b) I will have
to pay the additional taxes, of course and c) to be
proactive, I filled out form 911 and asked the Taxpayers'
Advocate for assistance. In addition, I might want to try
Mediation, too.

The development LLC with a builder as managing partner has
been a nightmare: apart from not getting to see the books or
bank statements, I came across evidence of fraud. 1.) My own
bills were not paid. The lot + water meter + building permit
fee paid with my personal credit card etc. Escrow of our
first project closed 10/2005. 2.) The LLC used my cash to
buy an additional lot in Salton City, Imperial County, CA
and I know that > $ 48k were spent on this property . But
when I demanded an accounting, my partner became angry and
dropped the Salton Sea project (he is building many homes
down there and he promised me $18,000 profit share). ** this
county is 7 months behind in recording and the latest was
that my partner said he had "sold the lot to his own
construction company" and that I was "made whole".
Interesting, but where is the check? where are the escrow
documents pertaining to this "sale"?

Of course, the LLC's profits get a boost when bills like
mine get ignored. It boils down to the books being cooked
and I wish some government agency would look into this and
help with the clean up. I am in Europe and don't know how to
begin to get this sorted. thank you for any comments and
suggestions!

==========
Moderator:
In addition to a tax professional, you need an attorney.

<< ================================================== ===== > << 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. > << ================================================== ===== >