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strongsilence
Level 10
May 3, 2025
Question

K-1 error or not - Liability for Prior Year

  • May 3, 2025
  • 1 reply
  • 6 views

More frequently than in the past I am seeing the Prior Year Liability amount changed on K-1s. Why is this done?  Is it an error by the K-1 preparer?

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1 reply

George4Tacks
George4Tacks
Level 15
May 4, 2025

Probably a fudge factor adjustment to the balance sheet to make it work was corrected. Yes, this came from the K-1 preparer. It affects the basis of the shareholder and may or may not may any difference in the tax on return,  so you may not need to file an amendment. 

This is the usual of many small business. They are so busy takin' care of business, that they don't take care of the business. (Bookkeeping is not their favorite thing.) 

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