Necessary to amend 1065 for incorrect Schedule B-1?

[David]

LLC had 2 members with 50% ownership each until 1/1/15. In 2015 another member was added with only 1/2% ownership.

I just noticed that the 2015 and 2016 Schedule B-1 still reports the original members with each having 50% ownership.  The K-1s have the correct informaiton. The 2015 tax return was filed last year and the 2016 tax return was filed on 9/15/17.

The client hasn't received anything from the IRS regarding the 2015 Sch. B-1.

Is it necessary to amend the 1065 just for the change on Sch. B-1? Or just correct it going forward?

Thanks.

 

[David]

BTW, I'm surprised that the error check didn't catch that. I guess it doesn't match against the K-1 information?

[Lee B]

Which software program are you using ?

[David]

ProSeries

 

[jklcpa]

Error check won't catch this because it is possible to not match the K-1 percentage of direct ownership because of the rules of indirect attribution.

[Lee B]

Personally, I would just correct it going forward.

[David]

That's what I would prefer to do.

Thanks for your help.