One of the most common challenges for taxpayers during the first tax season (running from February 15 through April 15) is a delay in getting Schedule K-1 forms. Since April 15 comes around every year, why do these vital forms seem to arrive later and later each year?
The delays cause stress for taxpayers who want to file by April 15, and there are many taxpayers who must fight to get their K-1s in time for filing, even with extensions running until October 15.
While these frustrations may seem unavoidable, taxpayers can take several steps to expedite the receipt of K-1s and limit the effects of their delay.
What is a K-1 Form and What are the Deadlines?
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