Don't forget that cryptocurrency transactions can also generate K-1s! I got burned by this last year when I invested in a crypto mining partnership. Had no idea I'd get a K-1 until it showed up in August. If youve done any crypto investing, double check those too.

Great thread everyone! As someone who's dealt with this exact nightmare before, I wanted to add a few more tips that helped me: 1. Check your email! Some partnerships now send K-1 availability notifications via email before mailing hard copies. Search your inbox for "K-1" or the partnership names you know about. 2. If you use a tax preparer, they often maintain client databases of which investments typically generate K-1s. Even if you're doing your own taxes this year, a quick call to your old preparer might jog your memory about partnerships you've forgotten. 3. Don't overlook smaller positions! I once missed a K-1 from a $200 investment that ended up having a $800 loss - those small trades can have big tax implications. 4. For future years, consider keeping a simple spreadsheet throughout the year of any partnership/PTP investments you make. Makes tax season so much less stressful when you have a running list to check against. The taxr.ai and Claimyr suggestions above sound really helpful - wish I'd known about those tools when I was scrambling last year!

Just FYI - there's a $2,500 threshold for Form 943. If you pay less than $2,500 in wages to agricultural employees during the year, you might be exempt from filing. But since you mentioned running regular payroll, sounds like you'll be over that. And if you're using a payroll service they should handle the deposits and everything for you!

This thread has been incredibly helpful! I'm in a similar situation with our small vineyard. One thing I wanted to add that might help others - make sure you also understand the difference in Social Security and Medicare tax treatment for agricultural employees. Agricultural workers are subject to Social Security and Medicare taxes, but the timing of when you need to pay these can be different from regular employees. For agricultural employees, you generally don't owe Social Security and Medicare taxes until you either pay them $150 or more in cash wages during the year, OR they work for you on 20 or more days during the year for cash wages computed on a time basis (rather than piecework). This is different from the income tax withholding rules, so you could have a situation where you're withholding income tax but not yet owing Social Security/Medicare taxes, or vice versa. Your payroll provider should know this, but it's worth double-checking since agricultural payroll has so many special rules that even experienced providers sometimes miss!

dont stress about it, they usually come right b4 tax season starts

Just wanted to add that if your brother moved since last year, he should definitely update his address with the IRS before they mail out the new PIN. They don't forward these letters and if it goes to the old address, he'll have to jump through hoops to get a replacement. The address update can be done online or by calling them directly.

I'm a GC and I can tell you there's NO WAY to legally pay zero taxes unless you're either: 1) Making so little money that you fall below taxable thresholds 2) Having business losses that offset any income 3) Lying Even if he's writing off every possible business expense, self-employment taxes ALONE would be 15.3% of net income. There's basically no way around that unless he's incorporated in a specific way, but then he'd be paying corporate taxes.

Your neighbor is almost certainly either exaggerating or breaking the law. As someone who's worked in tax compliance for years, I can tell you that the IRS has gotten very sophisticated at catching unreported income, especially in cash-heavy industries like construction. Even if he's legitimately maximizing every business deduction available - vehicle expenses, tools, materials, home office, etc. - there are still minimum tax obligations he can't avoid. Self-employment tax alone is 15.3% on net earnings, and that applies regardless of how many deductions he takes. The lifestyle you're describing (new truck, vacations, pool) while claiming zero tax liability is exactly the kind of red flag that triggers IRS scrutiny. They have algorithms that compare reported income to spending patterns, and auditors are specifically trained to spot these discrepancies. If he's really bragging about this to neighbors, he's being incredibly reckless. The IRS takes tax evasion seriously, and the penalties can be devastating - not just back taxes, but interest, fines, and potentially criminal charges. I'd stay far away from whatever "system" he thinks he's using.

Has anyone here dealt with selling a Treaty of Amity company? I'm considering buying one from another American, and wondering about tax implications of the purchase/sale transaction.

This is such a helpful thread! I'm in a similar situation - American looking to start a business in Thailand under the Treaty of Amity. Reading through all these responses, it sounds like the key takeaways are: 1) It's a Thai company with special ownership privileges, not a US company 2) Form 5471 is definitely required for CFC reporting 3) FBAR and Form 8938 likely needed for bank accounts 4) GILTI and Subpart F rules can apply 5) FEIE is still possible but gets complicated with company ownership One question I haven't seen addressed - does the type of business matter for these reporting requirements? I'm looking at starting a consulting business vs. my friend who wants to do e-commerce. Would both have the same IRS filing obligations, or do certain business types trigger additional requirements under the Treaty of Amity structure? Also, has anyone worked with a US tax professional who specializes in Treaty of Amity businesses? It seems like regular expat tax preparers might not be familiar with this specific structure.