Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi and welcome to Just Answer!
Is it possible to Still file my taxes for 2009 and get the lien lifted?Yes - you may file your 2009 tax return. However - the lien will be only removed when all tax liability is paid. Most likely when your tax return will be filed - your actual tax liability will be much less than determined by the IRS because the IRS normally do not deduct all possible expenses.Also some of my friends tells me that their Accountants give them a k-1 form. The company does not get funded anymore, so I cant hire a big Account firm, any suggestions for accountants that handle these problems?When you have investors - that is a partnership - so your friend is correct.
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her tax return.
Some additional information about partnerships may be found in IRS Publication 541 - http://www.irs.gov/publications/p541/index.html
All business income and expenses are reported on the partnership tax return form 1065 - http://www.irs.gov/pub/irs-pdf/f1065.pdf
Partnership should issue schedules K-1 to each partner reporting pro-rata share of net taxable income - http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
thanks. so what should be my next step?
I suggest - to file tax return for your partnership as the first step. Contributions made by partners - are not included into taxable income.You will income payments from customers and deductions. Then - you will know your taxable income.
how much would you charge for these services?
Unfortunately - posts on Just Answer are for general information, and are not intended to substitute for informed professional advice, and do not establish a professional-client relationship.Rules on this site do not allow me to contact other users outside and I may not file for you.If you want simply estimate possible cost - see instructions - page 41 - http://www.irs.gov/pub/irs-pdf/i1065.pdf - so preparation might take about 35 hours - assuming $20 per hour cost - you may expect to pay ~$700.
thanks so much