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I received a K-1 for both 2010 and 2011 with a research tax credit shown. I have done research this year (for 2011) that indicates that the company was not eligible for the tax credit. What should I do about 2010? What should I do about 2011? Should I notify the IRS about the company taking a tax credit it does not deserve?


Expert Abraham Itani's Answer:

You have to submit an amended return for the K-1 if you did not inclued them originaly. In the amended you attach a statement about why did not inclued the K-1s.

If you need more information, we can discuss further here

Abraham Itani, CPA

New Jersey

20+ yrs experience

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