My accountant is very understanding about this situation and he says he has no problem with it. I've never had to file late. Last year I passed him on 01APR and I picked up the next day. I think he uses turbo tax! I'm tempted to do it myself one of these years. I've a total of 5 MLPs and EPD is always the last one to issue the K-1. I've shied away from the few that often go beyond the 15 April deadline. I suppose if the dividend was high and the risk low, I'd be tempted!
I'm sure your accountant doesn't use Turbotax.
The whole interview format of TT is fine for us retail investors who are only preparing one return but is way too slow and cumbersome for professionals. They have professional software which costs thousands of dollars.
I also use turbo tax and receive several K-1s. I can complete the entire tax return and electronically file all within 2 hours. However, I will say I would never attempt it without turbo tax...
The way I see it, as long as they continue to significantly add to my net worth year after year, they can take their sweet #$%$ time to issue my K-1. File an extension, laugh all the way to the bank...
I guess if one is expecting a big return, they might be anxious to see the refund. Personally, I'm in no hurry to file as I file quarterly estimates. Last year came out well as I owed the IRS a few hundred. No penalty there! EPD has never caused me to be late in filing and I've passed this to my accountant the past 4 years. No problems! Great returns!
etq - Being a bit testy aren't we? Since DEP is now gone in the history books the K-1 should be out when it is due - the first week of March. As an aside - FINAL broker 1099s are not due out until 3/18! I would expect you will have your K-1 beofre the final numbers from your broker.