1099 or K1 - Are they required

Jbassking · #1 (**permalink**) 03-21-2009, 10:51 AM

I am a partial owner of a LLC. For 2006 I received a K1 for guarantee payments.
I do work for the company and in exchange I received some shares of the company and a guaranteed payment.

I did not receive anything for 2007 or 2008. I asked several times last year but did not receive it.

Is the company required by law to issue a K1 or at least a 1099?

I hope I explained this correctly.

Thanks for any help.

TaxGuru · #2 (**permalink**) 03-22-2009, 02:32 PM

Yes, the accountant who prepares the LLC partnership tax return must prepare and submit a K-1 to each of the partners of the partnerhship. In addition, you also have the right to contact the accountant for you copy of the K-1.

If contacting the company directly does not yield a result, I suggest that you contact the CPA and advise him that you need a K-1 and would like to know when they can deliver the K-1.

I would also consider contacting the IRS and letting them know that you have not received a prior year K-1 as well, but I think that the company is probably delinquent in filing their prior year tax return, ie 2007.