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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22661
Experience:  Taxes, Immigration, Labor Relations
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Hello, I own a Entertainment company, in which I have foreign

Resolved Question:

Hello,

I own a Entertainment company, in which I have foreign investors who funds my company.
In 2009 one of the accountants that worked form my company, went along and issued a 1099 form in my name worth $60,000. Now Im just finding out that their is a tax lien against me because I did not file my taxes. Is it possible to Still file my taxes for 2009 and get the lien lifted? 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?
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!

Customer:

hi

LEV :

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

Customer:

thanks. so what should be my next step?

LEV :

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.

Customer:

how much would you charge for these services?

LEV :

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.

Customer:

thanks so much

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22661
Experience: Taxes, Immigration, Labor Relations
Lev and 4 other Tax Specialists are ready to help you

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