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Old 11-09-2014, 12:15 PM
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Tax preparer error on my 2013 1065

My tax preparer made an error on my 1065 for 2013. Wages should be shown on line 9 and he showed them on line 12 which is Bad Debt. He left Line 9 blank. I have tried repeatedly to reach him & have yet to receive any response. Is this something that can be handled by calling the IRS Call Center or do I need to file a 1065X amended return. Thanks in advance for any advice.
J



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Old 11-11-2014, 03:37 AM
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Originally Posted by JW in Texas View Post
My tax preparer made an error on my 1065 for 2013. Wages should be shown on line 9 and he showed them on line 12 which is Bad Debt. He left Line 9 blank. I have tried repeatedly to reach him & have yet to receive any response. Is this something that can be handled by calling the IRS Call Center or do I need to file a 1065X amended return. Thanks in advance for any advice.
J
you need to file a 1065X ASAP;of course, mistakes do happen. When such mistakes lead to the inaccurate claiming of income, too many deductions or the incorrect payment of taxes, it is the taxpayer who is held responsible ,not the tax preparer as had to review all tax return documents thoroughly prior to submitting them to the IRS.so,
basically as said,you are ultimately responsible for filing an accurate return. as there was a mistake on the return and now you owe more taxes, your taxes are yours to pay and you would have paid them is the return was filed correctly. However, aslongas you have penalties associated with the underpayment, you may have some recourse against the preparer because this is additional money you have to dig up because of the preparer's mistake. In general, you can sue the preparer, if you want whether it will do anything or not is questionable if you provided the information and the preparer used it incorrectly you can certainly point it out to him and he may or may not make any kind of adjustment
but , the ultimate responsibility is yours, you should examine your return when you get it to see that it is as you presented to him
he might pay the interest and penalties, but any income tax always was yours to pay



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Old 11-11-2014, 09:53 AM
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Here's the thing, I don't owe more taxes. Both were shown as deductions just notated in the wrong spot. The expense total would be the same either way. He simply put the number in the wrong box. Thanks,
J



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Old 11-11-2014, 11:18 AM
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Originally Posted by JW in Texas View Post
Here's the thing, I don't owe more taxes. Both were shown as deductions just notated in the wrong spot. The expense total would be the same either way. He simply put the number in the wrong box. Thanks,
J
As you incorrectly reported your salary expenses as b/d exp., you need to file 1065X; for example, Cash method partnerships cannot take a bad debt deduction unless the amount was previously included in income.. You need to file a schedule for any business partner with incorrect information. In some cases, the IRS will notify you, and in others, it is your responsibility to notify them. please contact the IRS call center for more info in detail also.



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