Discussion:K-1's

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Discussion Forum Index --> Tax Questions --> K-1's


Cat (talk|edits) said:

8 May 2007
Once a K-1 has been issued to the partners, and there

is money owed , due to a profit....where does the money come from to pay the IRS? Is it the company account or is it your personal accoount?

Bx524 lca (talk|edits) said:

May 8, 2007
Partner's responsibility, not the partnership.

Jdugancpa (talk|edits) said:

8 May 2007
The tax owing is the partner's responsibility, not the partnership's responsibility. Having said that, what have the partners agreed? Were distributions taken during the year? If no, then possibly the partnership should make distributions sufficient for the partners to pay the tax owing on the income reported on each partner's K1.

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