Partnership Form 1065

[S T]

If there is an error on the Balance Sheet of a Partnership return - should one file an amended Partnership return or just correct on the current filing.

Has to do with loan balances and Partners Distribution - Would affect some Partner's Basis, -

No change in the income reported

Sandy

[JG EA]

I can't find the reasons to amend a 1065 like I can for a 1040. But if we take the reasons to amend a 1040

Use Form 1040X to do the following.

Correct Forms ...
Make certain elections after the prescribed deadline ...
Change amounts previously adjusted by the IRS.....
Make a claim for a carryback due to a loss or unused credit. ...

From a practical side, if there is no change in tax I'd just correct it on the beginning section of the next year's return. I have done that actually.

[kpangelinan]

I can't find the reasons to amend a 1065 like I can for a 1040. But if we take the reasons to amend a 1040


From a practical side, if there is no change in tax I'd just correct it on the beginning section of the next year's return. I have done that actually.

I've done this as well.

[oceanlovin'ea]

Another option is not to file the balance sheet with the return. If it is not required, other members of the board have said in the past that they don't send it. I have begun to do that too.

I keep the balance sheet for my purposes. But I don't send it to the IRS. Then you don't have to worry about changing anything.

Linda, EA

[kpangelinan]

Another option is not to file the balance sheet with the return. If it is not required, other members of the board have said in the past that they don't send it. I have begun to do that too.

I keep the balance sheet for my purposes. But I don't send it to the IRS. Then you don't have to worry about changing anything.

Linda, EA

Very good point....if they don't qualify with income or assets, I never file it. But it's good to keep track of on the side as you mentioned.

[dsi]

If there is an error on the Balance Sheet of a Partnership return - should one file an amended Partnership return or just correct on the current filing.

Has to do with loan balances and Partners Distribution - Would affect some Partner's Basis, -

No change in the income reported

Sandy

I think I would amend if it would affect partner basis, and partner distributions. They may have to amend their personal returns as well.

[S T]

Probably Will

I have had a grueling couple of weeks trying to close accounting on one business owner that has 4 partnerships and one Sced C biz

He just doesn't get it - and moves money around back and forth, pays bills for one company out of the wrong company, deposits money from one company store into another store - AND he wonders why I disicourage becoming a S Corp !!!!

basically an Accountant's worse nightmare when a t/p has the checkbook for 5 different Biz locations.

finally efiled the partnership 2010 returns tonight at the 11th hour - thank goodness for efile, or I or the T/P would be in deep "Doo-Doo" on filing. And then there are errors, but at least they are filed timely.

Income reporting is not really material - but the assests-liabilities-distributions probaby are - - I tried to correct some 2008 and 2009 balances - for the 2010 tax return - but not so sure how successful I was - and still doesn't look right.

Just need some more time and NO PRESSURE for deadlines - so I probably see amended Partnership returns for 2009 and now 2010.

Maybe I could just "fire myself" - Not a Union employee - and I figure right now I am earning less that $ 00.25 per hour, if I am lucky. and not even receiving the "Union " Breaks for AM, Lunch, PM shifts - and of course no double or triple time for the nite shift or Holiday Shift.

Grumble-Grumble

At least the returns are filed timely - that is a positive

Sandy