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socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 34828
Experience:  Retired (mostly)
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Lets try again....my ex-partner a cpa will not give me my

Customer Question

Let's try again....my ex-partner a cpa will not give me my 1120's only the k1's...he did not file my 2010-2011 returns and I need them .....is there a law or rule I need to have enforced to get them..asap? Am I suspecious over nothing or can he be hiding something?
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.
Hello,

Based upon your allegations, I suspect that your circumstances may be more complicated than merely needing the tax returns. But, that's a subject for a different Q&A session.

If you believe that a CPA is violating his/her legal obligations to you, then you can file a complaint with the state Board of Accountancy.

See these links:

How complaints are handled

File a complaint

Hope this helps.
Customer: replied 1 year ago.

Is filing a complaint your recommendation? The 1120's are mine as well ,no?

Expert:  socrateaser replied 1 year ago.
I don't have nearly enough information about your circumstances to recommend a course of action. But, based on the info you have provided, I do not see that you have a complaint to the IRS, because the CPA did provide you with a K-1, which indicates to me that he/she may be taking the position that you do not have any "right" to review the tax returns.

Filling a lawsuit to obtain the tax returns would be very costly (thousands of dollars) -- so, I would consider it a last resort, in the event that the Board of Acccountancy rejects your complaint.

BotXXXXX XXXXXne, the only option you have at this point in time is the Board of Accountancy complaint, unless you are prepared to write a check to a business litigation attorney for at least $5,000 in retainer fees.

Hope this helps.
Customer: replied 1 year ago.

I get it ........ the 1120's as partner should be provided to me........so I am not entitled to the documents that comprise the K1'S ?

Expert:  socrateaser replied 1 year ago.
A partnership return is filed on IRS Form 1065. Form 1120 is used for corporations (whether Subchapter C or S). Assuming that the CPA thinks that you are not a partner (or a shareholder of the corporation, if that is the legal form), then he/she would have no obligation to provide you with anything other than a K-1 information return.

So, I'm betting that the CPA believes that he/she is the sole owner of this business enterprise, regardless of its formation, and so he/she doesn't have to produce the tax returns.

If my guess is correct, then you would have to sue to prove that you have an ownership interest in the business, at which point you would be entitled to review the tax returns.

Please let me know if my analysis helps you understand your circumstances.

Thanks in advance.
Customer: replied 1 year ago.

I am a 50% partner......no question there. I guess I am asking if I am entitled as a partner of the sub-s and need to file returns, the k1's don't tell me the whole story on how the expenses are handled....the 1120's will.

Expert:  socrateaser replied 1 year ago.
For clarification purposes, as a matter of law, a shareholder in a corporation cannot be a "partner" in the enterprise. There is a very big difference between a partnership and a Sub-S corporate shareholder.

That said, if you own 50% of the corporation, then you are entitled to inspect the financial records of the corporation, which would include the tax returns. If the other owner refuses to produce the returns, then you can sue for a writ of mandate and force production.

If you would like me to research the specific statute concerning this, so that you have the precise law available to present to the other owner, then please consider providing a positive rating for my services, thus far, because your poor rating effectively punishes me for trying to assist you.

Thanks in advance.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 34828
Experience: Retired (mostly)
socrateaser and 12 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

Thanks.....I changed the rating........need you help!

Expert:  socrateaser replied 1 year ago.

Thank you!

The statute is 15 Pa.C.S.A. § 1508.

Please let me know if I can be of further assistance.

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