USA K-1 reporting

[LED3101]

We have a number of shareholders and we need to file our tax return, in order for us to finish up, we requested the shareholder's SSN or TIN, some responded and some have not, how do we move on without them and how do we report their units or who are assigned their units? I would appreciate any advice here. We are a Florida based company and have national shareholders and in Canada.

 

[kirby]

Failure is not an option,not in spaceflight nor in IRS reporting. Nonresponders need to be contacted by phone until either you get their info or find they are on Mars and unavailable. At some point you have to file with IRS and, if still no ID, then file without it. That opens you up to being penalized by Fed and State. Then go back to your process for adding shareholders and insist that a tax id be acquired at the time they are added.

 

[LED3101]

Thank you, I appreciate your advice here.