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    #1

    Federal ID, Partnership

    I've got a new client. They are getting caught up on their tax returns. Includes work on returns from 2004 to 2006. They have had alot of bad luck which included the hurricanes that came through. Anyways they were involved in a partnership that went very bad. They have been working for over 4 months just to get the information so I could prepare the return.

    Thing is they do not have the Federal ID number. I told them to call the bank but they seem to be getting switched from one person to another and just can't get it. Is there anyway I can get it through the IRS? They also don't have the SS# of the other partner. I assume I can leave it blank until they can get it through the lawyer. I told them it was a have to on the Federal ID.

    Bad situation they need the returns for their lawyer. Thanks for any help.
    Dany
    Tags: None
    #2
    Originally posted by geekgirldany View Post
    I've got a new client. They are getting caught up on their tax returns. Includes work on returns from 2004 to 2006. They have had alot of bad luck which included the hurricanes that came through. Anyways they were involved in a partnership that went very bad. They have been working for over 4 months just to get the information so I could prepare the return.

    Thing is they do not have the Federal ID number. I told them to call the bank but they seem to be getting switched from one person to another and just can't get it. Is there anyway I can get it through the IRS? They also don't have the SS# of the other partner. I assume I can leave it blank until they can get it through the lawyer. I told them it was a have to on the Federal ID.

    Bad situation they need the returns for their lawyer. Thanks for any help.
    Dany
    Why can't they GO DOWN to the bank where they opened the account to see the number used?
    For all you know - the number could be the personal Soc Sec # of one of the partners.
    In any event - nowadays if you don't have an EI#, it can be applied for over the irs.gov site immediately.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

    Comment

      #3
      If it were me I would have the managing partner come to my office early in the day and call practioner hotline at IRS on speaker phone with client present. Tell the person who answers that you need the ein number and they should be able to help you .

      Comment

        #4
        The bank is in another state but I think they had been down there for awhile working on loose ends. So I don't know why they couldn't go by. I agree they could give me any number. It could be the other partner's SS#. It was an LLC. Don't even know if they got a Federal ID#. I had not thought of going online to get one because 2005 was the first year and the last year of the business. . I'll see if the prac. hotline will work. Like I said the partnership ended up very bad. Lawyers are involved.

        Comment

          #5
          oh boy!

          partnership return is late. more than five months late. What will the penalties be
          since no safe harbor caused by partners reporting figures on their own returns
          already filed?

          If there will be such penalties, and if said penalties might not be waiveable (?) waveable?
          (grin), under Katrina provisions, might these two guys (simple case) be better off
          filing two schedule c's?

          just a thought. rather food for thought and discussion.
          ChEAr$,
          Harlan Lunsford, EA n LA

          Comment

            #6
            Thanks for the reminder. I had actually thought about doing that. They are coming up with a huge loss anyways. Might be a good option. I did not even know partnerships were hit so hard with penalties until I started studying for the EA Exam. $50 each partner for each month past due.... comes up to alot. LIke you said might could get waived under the hurricane provisions. Thinking... thinking...

            Comment

              #7
              They called the IRS and got the Federal ID number after on hold for 2 hours

              Comment

                #8
                Turns out, then,

                Originally posted by geekgirldany View Post
                They called the IRS and got the Federal ID number after on hold for 2 hours
                that your client is up Amicalola creek without a paddle! (as pertains to
                filing a 1065.)
                ChEAr$,
                Harlan Lunsford, EA n LA

                Comment

                  #9
                  Necessity

                  Dany, as you well may suspect, this mess is in your lap because these people never had the inclination to do anything from the git-go. And then the worse the situation got, the less likely they were to clean up the carnage. There are always reasons why they didn't address their responsibilities earlier, some of them reasonable, and some of them no more than excuses.

                  Make sure you are dealing with the managing partner, and keep records of your conversation. And charge enough to justify being drug into court, because it could happen. This one sounds like it could be a real boomerang.

                  As for the comment from ChEAr$, for any of you who are interested: not far from Dany there exists Amicalola Creek in Dawson County, GA. The stream falls in a sheer drop over four times the height of Niagara. Also it may be noteworthy that it falls from Springer Mountain, the southern end of the Appalachian Trail.

                  Comment

                    #10
                    Originally posted by Golden Rocket View Post
                    As for the comment from ChEAr$, for any of you who are interested: not far from Dany there exists Amicalola Creek in Dawson County, GA. The stream falls in a sheer drop over four times the height of Niagara. Also it may be noteworthy that it falls from Springer Mountain, the southern end of the Appalachian Trail.
                    Yeah I feel like I am looking over it right now

                    I hope it doesn't come down to me being brought into any part of it. I am going to try and get it finished this week so atleast I won't be stressing between Christmas and the New Year. I guess I will have to learn to deal with customers that have problems like this. Part of the job?

                    Comment

                      #11
                      I have been sucessful in getting the penalties for late filing of K-1s abated with a good enough sob story. It can't hurt to ask, and 'hurricane' is a pretty good excuse.

                      Comment

                        #12
                        after the rains cease

                        Originally posted by joanmcq View Post
                        I have been sucessful in getting the penalties for late filing of K-1s abated with a good enough sob story. It can't hurt to ask, and 'hurricane' is a pretty good excuse.
                        And the partnership return is finally filed, and when dany has been fully paid, she will
                        be entitled to at least three of those "Hurricane" drinks from N'awleans, complete with
                        umbrellas.!

                        As Golden Rocket pointed out, perhaps the better analogy is that of Amicalola falls,
                        the highest waterfall east of the Missippi!
                        (spelt that way on purpose.)
                        ChEAr$,
                        Harlan Lunsford, EA n LA

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