the partnership was already filed, and I would like to just put the interest income that I found in the current year return. In other words, just report it, get it over with, and if the IRS finds out under audit later on then so be it. The alternative would be to notify the partners, give them amended K-1's from 2006, and tell them (4 partners) to go and file 1040X's, and I will not be a popular guy, not for the right reasons anyway! Any harsh ramifications for just putting the income in the current year? Should I label it as "Interest Income from prior period" in the spirit of full disclosure? Or just categorize as interest income and call it a day?
San Diego, CA - 9 months ago
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