Reported business profits
My husband is 33% vested in an s-corp business. His partner files k-1 statements with the state of florida for profit sharing. We have never received a profit check or s-corp distribution since aug. 1998. Does the k-1 tell the amount of s-corp distribution or does this show up in another form.
We do not receive any paper work from his partner or accountant. The state of florida only shows him as president of the corp. K-1 forms are filed for all three partners. Will an audit find anything important and is it necessary.
Thank you in advance for any assistance.