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My percentage on my K1 does not match my ownership. I have…

My percentage on my...

My percentage on my K1 does not match my ownership. I have asked to have it corrected but the other minor partner is rejecting this and has assigned themselves a majority %. How do I proceed?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I hold a 52% ownership my partner in the business holds 48%. He has arbitrarily given me 44.16% for this last year. No paperwork has been signed to change percentage how do I proceed?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Divorce decree states no changes until refinance of business debt is taken care of, this has not occurred.

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3/22/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,094
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Customer reply replied 4 months ago
I do not understand your answer
Customer reply replied 4 months ago
This medium works better for me.

If this is part of divorce proceedings, you should be able to raise the issue in divorce court. It is typically an issue for civil court, as partnership disputes are resolved there.

You can report this to IRS, on form 8082. You could then report the income you believe is correct, and IRS will investigate. But you will likely need to adjudicate this, and the current court you are in will have jurisdiction until or unless they send you to another court.

Your divorce attorney should be made aware, in writing, of your concerns. he can then use discovery while you are in divorce court to see about your partner agreement and what it specifically states are ownership and allocation percentages.

Thanks for asking at Just Answer. Positive feedback is appreciated, five stars is best. I'm PDtax.

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PDtax

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,094
Experience: 35 years tax experience, including four years at a Big 4 firm.
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