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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