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I got my Schedule K-1 from my business partner. I think he claimed deductions for the LLC that aren't valid. How do I protect myself?
If you think there's an error, contact your partner and ask him for a corrected Schedule K-1. Make sure he also sends the LLC’s corrected K-1 to the IRS.
Don’t file your return until you received the corrected K-1. If you file before getting the new K-1, you must either: