DTNY07
Level 7

Estimates = I had the two "new" partners pay personal income tax on their estimated share of the profits/ guaranteed payments on the 2nd, 3rd and 4th quarters.  They didn't need any in the 1st quarter.  So the first estimates I did were for 6/15.  This is based in NYC, so there were also the UBT estimates.

Understood about the guaranteed payments.  The prior CPA = you are right, maybe he/she didn't have all the information and that is why the K-1s weren't marked as final and they still had an ending percentage

Yes, I do realize there may be something for me to report on the partnership return.  Once they send me the sale agreement, I should be able to figure that out.  

The point you made about the taxpayer maybe having had to receive something during 2020 = that crossed my mind when you answered my last response.  Figured the same thing, the sale agreement will hopefully have that information.  I mistakenly thought the guaranteed payments in 2020 were towards that.  But as you already pointed out, no guaranteed payments to them at the point they were no longer owners

I really appreciate you answering all of this.  I don't ask many questions on here. But this is one time where one person has really gone above and beyond on here for me.  I do come on here sometimes to see if i can answer questions.  I need to do that more often

0 Cheers