Purely theoretical K-1 question

[Deleted]

This year I dodged the bullet on getting a K-1 from the volunteer treasurer of a partnership I belong to.  She is history and we are now supposedly having a CPA prepare our return BUT what would have happened if the volunteer treasurer had died or been incompetent of filing a return and I didn't receive a K-1?  Does responsibility/liability for preparation of return default to other partnership officers?  

[rangerj]

This is both a legal question and a tax question. State law, usually in your states version of the Uniform Commercial Code, will provide for the responsibilities of the partners to take care of partnership obligations. The tax code, in the partnership sections created by the Tax Equity and Fiscal Responsibility Act (TEFRA) has provisions for determining the "Tax Matters Partner". In general all of the partners have a responsibility to make sure that the tax responsibilities are taken care of. Limited partners may not have as much responsibility, but that is a legal matter also. If the partnership has appointed/elected some partners to "manage" the partnership and they are supposed to take care of tax matters then the partners should make sure things get done in a timely fashion. If not, elect other "officers" (managers) or hire a manager and/or tax/accounting professional.. 

[Deleted]

Thanks, Ranger!  Over the years I've been Prez, VP, and Secy of this partnership and they want me to be Secy again.  I think my decision will depend on getting an extremely firm commitment from the membership about retaining professional assistance for tax prep. Lovely group of ladies but many are getting on in years so I don't want to get bit in the backside on this.