Client has $70,000 in Harvey losses. Does not have K-1 yet needed to file 2017 taxes. Will be getting refund. Can we file after the Oct. 15th deadline? Is there anything that would be lost on a late return?
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You did not state whether the K-1 will have significant material entries. Do you have any notion of these entries?
In any case, I would not advise a client to file late. I would prepare the return and include a Form 8275 disclosing that despite the requirement of having the K-1 by the filing date, the entity has not provided the K-1 form and the taxpayer is filing the return as best he/she can and will amend when the K-1 is received. -
She is a partner in the firm that has not provided the K-1, and yes it will have a significant loss. She will be getting a very large refund. I am under the understanding an individual has 3 years to file a tax return with a refund and will incur no penalty. My only concern is if there are any items lost on a return not timely filed. I don't think she wants to draw attention to the late filing of the business return.Comment
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