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Partnership Return
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tbamaze
Level 3
04-06-2024
07:08 PM
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I have a new client that needs a Form 1065 completed for their partnership so they can use the K-1 on their personal return. They do not have good accounting records just amounts typed on a paper. I am new to preparing partnership returns and a little skeptical given not very good accounting records. They provided a prior year 1065 prepared by their pervious tax person. Would other's take this work on? What do you require from clients to work on a Form 1065?
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sjrcpa
Level 15
04-06-2024
08:22 PM
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I would not take it on.
I need a Trial Balance, Income Statement, Balance Sheet and bank reconciliation, at a minimum. And the :Partnership Agreement.
If no extension was filed, the return is late, too.
The more I know, the more I don't know.
abctax55
Level 15
04-07-2024
12:27 AM
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One question... why'd they leave the prior preparer? That answer is often quite telling; perhaps they were kicked to the curb because of the poor record keeping.
IMHO - you should pass on this. It's likely to be nothing but a can of worms.
IF you do decide to continue.... get a retainer up front.
HumanKind... Be Both
