I was under the impression one of my kids music instructors was going self employed for the first time so I emailed her options. She replies back thanking me and telling me she has been self employed for yrs and files form 1065 via TurboTax. I checked with the AZ-St and her business in not an LLC. What advantage would she have filing a Partneship (as the only parnter) vs. a Schedule C?
-
-
Why would she file a partnership return when she says she is solo? If what she says is correct, I can't believe the IRS hasn't contacted her and told her she can not file the 1065. I really think she may not know what she is saying. There is no advantage to using the 1065 vs a Sch C in her scenario.You have the right to remain silent. Anything you say will be misquoted, then used against you. -
I guess by the time IRS gets done with her - she'll be singing a different tune - or,
screaming up an octave.
Tell her she's not as sharp as she thinks she is - she's real flat.Uncle Sam, CPA, EA. ARA, NTPI FellowComment
-
Two Points
It strains my credulity to believe that even TT would allow a Partnership return with only one listed partner.
Assuming she is doing a partnership or some other entity return taxable income and perhaps other things should be flowing to her 1040. I feel sure she is making errors if she is doing that at all.Comment
-
Whadda ya wanna bet she has her husband listed as the other partner? Give us some feedback on this one.Comment
-
I don't know. Assuming she reported all the income on her 1040, and paid SE taxes, there would be no change. She just might wait to see if she gets any letters.Comment
-
Has your client paid any partnership fees that partnerships are subject to - that were
erroneously filed?Uncle Sam, CPA, EA. ARA, NTPI FellowComment
Comment