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Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2429
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I was 40% owner of a business.It was a pizzeria.My sister was

Customer Question

I was 40% owner of a business.It was a pizzeria.My sister was 40 % brother 20%.I sold my shares to my sister in nov 2008 because she denied me acess to all records.I am going through a bankrupcy now and the trustee wants a copy of of the tax return and i told him i dont have it .Now he is demanding it.I asked my dad to get it and my sister gave my dad my k-1 for 2008.Up untill sept.2009 she refused to give me anything.The accountant who is her friend also refused to give the tax return . I was40% and our business paid the accountant. On the 2007 the tax return said i was 40% owner on my 2008 k-1 it said i was only 38%.How can that be?She wont give me the 2008 return and the accountant wont give it to me.Our business paid the accountant.Can they deny me this return?I need it by wednesday.What can i do to get this return?can i get in trouble for not including the business on my personel return for 2008 even though my accountant and sister refused to give it to me?
Submitted: 7 years ago.
Category: Tax
Expert:  Anne replied 7 years ago.
HICustomerbr />
Thank you for using justanswer. You may request a transcript from the IRS of everything that was reported to the IRS under your social security number by filing Form 4506-T Request for Transcript of Tax Return. or by phoning the IRS at(NNN) NNN-NNNN This would include all income reported (such as W2 wages, K1's, etc) as well as all payments (such as estimates paid, federal tax withheld, etc) and there is no charge for this information. It normally takes about 10 business days to receive, but your trustee may be able to have it faxed to them (with your permission and probably a POA, which for tax purposes requres Form 2848. Once you have the transcript, it is a fairly easy matter to prepare your tax return, and if your trustee doesn't offer that service, then there are tax places (such as H&R Block, or independent CPA's ) that offer year round service for instances such as these.

Even if your sister won't give the information to you, she would have still had to file the business tax return to the IRS and the IRS would have received a copy of your K1 (assuming she still listed you as a partial owner) If your sister didn't list you as a partial owner, then your transcript will show that also (there will be no K1) and you can decide what you want to do at that point, whether that be having your sister amend the business return to reflect your ownership all the way up to civil/criminal action.

I hope this helps.

Customer: replied 7 years ago.
i already filed form 4506 .and called.they said it takes 30 to 60 days.i need it by wednesday. is there any way of getting the return by wednesday.
Customer: replied 7 years ago.

the question was how can i get the return by wednesday

Expert:  Anne replied 7 years ago.
There are 2 different forms , which may be causing a little confusion.

Form 4506 asks the IRS for a copy of your previously filed tax return as you sent it to them and carries a $57 fee associated with it. This may take up to 60 days because they are looking for your 2008 already filed tax return.

I am opertating under the assumption that you never filed your 2008 tax return because you couldn't get the K1 with which to file it. In that case, you only need to Form 4506T.

Form 4506 T asks for a transcript only. This is free, and normally takes 7-10 days. I understand you need it by Wed. If you are willing to sign the POA Form 2848., and you are either at the trustee's office or a local CPA or H&R Block, IRS will sometimes fax that transcript while you wait. This would allow you to have your tax return done from the transcript also. I have often prepared tax returns from these transcripts, and they really are no different than preparing one where you bring in your original documents, (W2's, bank interest, etc) Under this scenario, it is possible to get your tax return completed by Wed, but there are alot of variables here, and each one needs to fall into place. I know its possible because I've done this within this type of time restraint, but it is by no means guaranteed. However, it is by far your best option considering the time frame you have.

I hope this helps.
Customer: replied 7 years ago.
In my initial question i stated i only have my k -1.they are refuseing to give me the return. I need the full return not the transcript.BY LAW CAN THEY DO THAT.CAN I GET A COURT TO ORDER THEM TO TO GIVE ME THAT RETURN?.
Customer: replied 7 years ago.
all i want you to do is give me your opinion to my initional question.You are giveing me an answer to a question i never asked.
Expert:  Anne replied 7 years ago.
You're right....I did misread your question, and I sincerely XXXXX XXXXX that.

My opinoin is that yes, as a shareholder you are entitled to a copy of the S Corp tax return (1120S) . This will show how your share of the income/deductions was arrived at.
Customer: replied 7 years ago.


Customer: replied 7 years ago.
i waited till 9:o3 pm
Customer: replied 7 years ago.

you never answered the first question.