CFO Services for a Small Partnership
Problems:
This client shared a QBO file that was missing activity for over a year and a half, had never been reconciled, and no partnership returns had been filed for 2 years. They were subject to over $4,000 in penalties and their buyout terms for the second partner needed to be reconstructed to benefit the company.
Outcome:
We added missing activity to show a loss rather than a gain and worked with a tax preparer on solutions for abatement of penalties and worked with a business attorney to restructure the buyout to avoid further penalties and protect the remaining partner.