1065-no wages

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    1065-no wages

    New client- partnership that paid no wages in 08. Will this be a flag. Should I suggest they show there draws as wages??

    Have told them in the future wages should be paid for work done, but any suggestions for last year???
    Tags: None
    • JohnH
      Senior Member
      • Apr 2007
      • 5339
      #2
      Partnerships don't pay wages to partners.
      I'd say wages paid to partners would BE a red flag.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

        Comment

        • gman
          Senior Member
          • Dec 2005
          • 676
          #3
          so they have

          no wages paid to anyone, that line being left blank would cause no flags

            Comment

            • thomtax
              Senior Member
              • Nov 2006
              • 1276
              #4
              If partners are doing all the work, and that is very common, there would be no wages to report. Many small partnerships are just a couple of guys that like to work together, such as a garage.

              LT
              Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

                Comment

                • BOB W
                  Senior Member
                  • Jun 2005
                  • 4061
                  #5
                  Let's get your question straight..... Does the partnership have employees that are not partners?
                  This post is for discussion purposes only and should be verified with other sources before actual use.

                  Many times I post additional info on the post, Click on "message board" for updated content.

                    Comment

                    • RitaB
                      Senior Member
                      • Jul 2008
                      • 1382
                      #6
                      Bob, you're a genius

                      Originally posted by BOB W
                      Let's get your question straight..... Does the partnership have employees that are not partners?
                      This never occured to me, but may be what's going on.
                      If you loan someone $20 and never see them again, it was probably worth it.

                        Comment

                        • BOB W
                          Senior Member
                          • Jun 2005
                          • 4061
                          #7
                          Originally posted by RCooper
                          This never occured to me, but may be what's going on.

                          Tell that to all the clients that have not showed up yet.............................(I'm a wiz kid)
                          This post is for discussion purposes only and should be verified with other sources before actual use.

                          Many times I post additional info on the post, Click on "message board" for updated content.

                            Comment

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