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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I'm in a 50-50 partnership with a small business.. My

Customer Question

I'm in a 50-50 partnership with a small business.. My partner wrote checks from the business acct without my knowledge.. We have worked out the issues of this on a personal level, however, the amount taken exceeds the amount I recvd in a partnership as our pay... We are doing our taxes in October as we asked for an extension... How do we handle the indifference in pay in a legal fashion on our taxes and/if/what would be the outcome... Laws broken? We have amended our relationship but do not know how to handle this money difference as we prepare our business and personal taxes... Need help ....please and thank you
Submitted: 1 month ago.
Category: Tax
Expert:  Mark Taylor replied 1 month ago.

Hi, my name is Mark. I will be happy to help you with your question. I am sorry that this happened. How were the checks treated by the partnership. Did these reduce your partner's capital account?

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