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I am sorry to hear about this situation. The K1 A tax document is used to report the incomes, losses and dividends of a business's partners or S corporation's shareholders. Unless the contract between the shareholder and the company specifies that the shareholder pays for the K1, the shareholder does not have to do so. The company must send out the K-1 forms to shareholders by March 15th, regardless. It is the company's duty to do so.
So yes, a shareholder may refuse to pay their share for the K-1 report assuming that the contract does not mandate this. But if so, this may possibly build ill-will between the parties since the company is out of money and relationships may be strained.
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As a shareholder, one can technically file a Writ of Mandamus in court to force the company to do so.
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This is more of a question for a CPA, but generally speaking, no. One's tax prepaper would rather have no K1 at all, as opposed to using an old K1. There are contingencies that the tax payer can use if their company fails to provide a K1.