BoatBanter.com - View Single Post - FWIW...Schedule K-1's ...

J Herring

On Thu, 21 Mar 2013 21:00:22 -0400, wrote:

On Thu, 21 Mar 2013 19:43:02 -0400, BAR wrote:

In article ,
says...

...suck!

CPA

That is ridiculous for me. I have one real estate partnership and the
numbers on the K-1 are a few bucks here and there. I end up paying
regular income on the distributions and the IRS has never said a word
to me. I am sure if they audit me and actually run the K-1, they would
owe me money. That is what happened the two times I was audited. Both
times they wrote me a check. I always give them the money if I am in
doubt. I don't want them in my ass. It is still not enough to pay a
CPA.
When I had my business I used Turbotax but I have a pretty simple form
these days.

Whenever I've had serious doubt, I kept the money. I figured I could explain my doubt well enough to
a judge that I'd never get convicted of fraud. That didn't happen often, but I've never been
audited, so don't know what the result would have been.

Salmonbait

--
'Name-calling'...the liberals' last resort.