I have a new tax client this year that has a S corp. She is 100% owner of the S corp. and her previous accountant did not file a K-1 for the S corp. for 2006. She still needs to file her 1120S which we filed a request for extension.
WHO
has a S corp. She is 100% owner of the S corp. and her previous accountant did not file a K-1 for the S corp for 2006. She still needs to file her 1120S which we filed a request for extension.
Okay, what's the question?
I assume you're talking first about tax year 2006.
Provided that both she and the S corporation are both your clients, All you need to do is to take the 1120S the accountant prepared (and presumably filed), add the schedule K-1 to it and send it to IRS marked (Amended return.) And of course the corporation will give the owner a copy also.
Filing the 1120S (WITH K1! (grin) for 2007 is a separate issue of course.
ChEAr$, Harlan Lunsford, EA n LA
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