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Foresight Energy Partners LP

Foresight Energy Partners LP (FELP)

0.1582
0.00
(0.00%)
Closed March 29 04:00PM
0.00
0.00
(0.00%)

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Key stats and details

Current Price
0.1582
Bid
-
Ask
-
Volume
-
0.00 Day's Range 0.00
0.00 52 Week Range 0.00
Previous Close
0.1582
Open
-
Last Trade
Last Trade Time
Average Volume (3m)
-
Financial Volume
-
VWAP
-

FELP Latest News

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PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10000000CS
40000000CS
120000000CS
260000000CS
520000000CS
1560000000CS
2600000000CS

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FELP Discussion

View Posts
retireat51 retireat51 2 years ago
First they said I owed $107k and now they changed it to $25k. I don't think they have a clue what they are doing. I'm not paying anything until they figure this out.
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RenoLucky RenoLucky 2 years ago
We paid a little over $8k when TD Ameritrade withdrew funds to file and settle with the IRS last month. We just got a letter stating that we only owe $131 now. So here comes the fight to get our $ back from TD Ameritrade...
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srossiter srossiter 2 years ago
I see some people got corrected K-1s and I would appreciate any info on how to deal with getting a K-1 for 269,000 that has me owing 48,000 in tax. Ouch!
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srossiter srossiter 2 years ago
We got a K-1 from FELP for 269,000. CPA is saying we owe 48,000 in taxes. Help!
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MakinBank MakinBank 2 years ago
my original number was just a little less than that number. but they then sent me a letter months later stating I was at a loss.. I can't imagine after all this they are still sending you the incorrect numbers.... read my last post

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MakinBank MakinBank 2 years ago
indeed I received another notice that said they made an error and instead of box 1 "operating income" being 6 digits for me, was now a Negative number or loss... Huge difference. CPA's want some $300 to correct it for me. It's worth it but annoying.

I don't understand why your corrected one would still show you owe anything?

also keep in mind the company should be sending you a revised K-1 as that is what you should have for your records for the CPA's to base their changes off. But unsurprisingly they are not sending it to you. You have to call them up at tax package support and retrieve your new updated K-1 by asking for it.. then supply to your accountant
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I-Man I-Man 2 years ago
All I can say is we recently heard back from IRS because we had no $1200.00 refund yet as our 2020 taxes showed was do for many months. They said they did independent audit of our 2020 small business & personal tax returns, and due to change in "qualified dependent' shown, they deducted that (our youngest son 21 living at home still, not in college), they said we will receive no tax refund for 2020 nor do we owe IRS any additional tax...???
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RenoLucky RenoLucky 2 years ago
My CPA looked into it and said we did, in fact, owe the taxes. The letter received from Foresight showed operational income at a slight loss which is why our tax liability dropped from $44k to $8k. I would appreciate any update if your accountant comes back with a different response.
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I-Man I-Man 3 years ago
I will watch my mail here then. Thanks !
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retireat51 retireat51 3 years ago
I got a letter from foresight yesterday showing corrections on the schedule K-1. The original ordinary business income showed $282,021. The new one shows corrected ordinary business income as a loss of $2611. It didn't say what I owed in taxes now but I would say very minimal if anything. Originally they were stating $107,000.

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I-Man I-Man 3 years ago
Hey all! I just got letter yesterday saying in my case it was $145,000.00!! NO fkng way I am paying anything to anyone. My investment was total loss as my accountant stated, and he's looking into it further...
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RenoLucky RenoLucky 3 years ago
First notice from TD Ameritrade said we owed $44k. My CPA said that was an accounting mistake and we should not owe anything. I called TDA's tax department and said we weren't paying this and not to file the 990-T until they figured out what PWC, Foresight's accounting firm, did wrong. They sent it back to be reviewed. Just got a corrected 990-T saying we now owe $8k. Still not paying. Will have to go back to CPA and call TDA again. What a hassle...
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MakinBank MakinBank 3 years ago
I use etrade, but I received the physical k-1's in the mail. Never checked my broker.
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retireat51 retireat51 3 years ago
Thanks. That's pretty much what I figured. Which brokerage do you use? TD Ameritrade is still saying I owe it.
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MakinBank MakinBank 3 years ago
similar numbers here, but don't worry my fellow investors, I was told by a specialist the accountants got it wrong. Since there was no sale/exchange for the huge operational income they are providing you, you will not have to report it as such and it essentially cancels out (that's how it worked in my case which I had a 2019 k-1 which helped cancel it out)

speak to a partnership specialist. It's in the IRS code
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retireat51 retireat51 3 years ago
I bought the stock in December 2019 and sold March of 2020 for a loss and they are trying to say I owe $110,000 in taxes. Haha good luck with that.
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MakinBank MakinBank 3 years ago
at the end of the day the difference would be based on how much you originally invested in the company. If it was $10k or more I would expect an enromous operational income that would be far from showing any refunds on the return.
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I-Man I-Man 3 years ago
All I know is we still are in midst of possible continuation of Last year's JCP fraud BK, whereas CEO and BOD gave themselves $Millions in bonuses prior end of day, and when markets closed, they filed for pre-packaged BK which Blackrock was behind ! criminal...
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I-Man I-Man 3 years ago
We just filed taxes like normal every year. All the various forms and schedules, etc..

Now to be honest, I am not a corporation type business structure, but a Sole Proprietor registered business here in NC, so perhaps that makes some kind of difference??

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MakinBank MakinBank 3 years ago
have you heard anything? I have been reaching out and it seems like the taxes must be paid. Because individual shareholders of a PTP that goes bk get the debt cancellation as personal income as ludicrous as that sounds.
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MakinBank MakinBank 3 years ago
anything interesting with your taxes this year? k-1?
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MakinBank MakinBank 3 years ago
the chances are them doing it wrong with the numbers is slim. What I am focused on is the accounting method. Specifically: debt cancellation, which seems to be the case here, is not taxable in a bankrupcy.

This is true by individual bankrupcy. I am trying to verify if this is true for a partnership bankrupcy. If someone can find this answer, and confirm it is not taxable for individuals in a partnership that went bankrupt, then we are saved.
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MakinBank MakinBank 3 years ago
so your CPA stated the losses only? did he use the loss against the income?

I have been told as of now, the income is taxable. This would be significant on the return. I am trying to figure out what your CPA did. thanks
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I-Man I-Man 3 years ago
CPA did all our personal and business taxes as normal. We stated losses, etc and in the end, it shows we get an IRS refund for 2020...

I think as shareholders, just stating the loss is fine, not to think too much into it, because TD/FELP already sent docs to IRS in past and all I know, is I am damn sick and tired of corrupt corporate structures today in America that allow any of this, and very willing to take on any CEO out there like in old days- give him/her a good beating behind the shed to wake them up about integrity, ethics, orals in running a "public traded company" the proper way.

FAR too many people globally are being regularly defrauded by these types.. It has got to STOP... Again just look to lastw eek and what RIchard branson did to his Shareholders and SEC thinks that is ok to do after massive week of media blitz globally???
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insearchof insearchof 3 years ago
It seems that you are on the right track, checking through your broker regarding the tax calculations by the company, and maybe the company might refile.
JMHO
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MakinBank MakinBank 3 years ago
how would you be getting any refund with the amount showing on fELP's allocation of revenue to you? the revenue of the partners, which is us, is some 20x our investment (even though it was a loss)
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I-Man I-Man 3 years ago
We just filed the losses along with JCO losses from last years' BK they did.. All said and done, we are supposed to have a federal refund of like $1200.00, but to date, have not even seen that yet...???
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I-Man I-Man 3 years ago
??? I am pisse dstill liek others. JUst look at SPCE a week ago and what their former CEO (Branson) did and ruined all shareholders on Mnnday morning.

I right now am in midst of the past JC Penneys debacle that believe it or not, we have some renewed interest by major class action firms to go after them through their insurance they had to have for their BK and restart actions against them and their former CEO team for financial fraud...
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MakinBank MakinBank 3 years ago
it was suggested one way out of this is to verify that foresight didn't do their return properly. My accountant said that he feels they didn't as it is unliklely that debt cancellation would be carried as income for us in a bankrupcy (as opposed to non-bk)

who has the means to look into this? can save all shareholders hundreds of thousands if not millions
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MakinBank MakinBank 3 years ago
thank you please let me know. It seems like it's doom and gloom from my accountants. Been trying to reach out to others to see how to get around this.
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insearchof insearchof 3 years ago
Hello MakinBank,
Sent you a PM.
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MakinBank MakinBank 3 years ago
do you know of a way out of this? doesn't seem like avoiding filing this will work
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RenoLucky RenoLucky 3 years ago
I called TD Ameritrade and told them to double-check since my CPA said I didn't owe the taxes. I bought FELPU in 2019 and did not get this form for taxes from that year.
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MakinBank MakinBank 3 years ago
do you have any contact info for someone who can get around this?
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MakinBank MakinBank 3 years ago
yes, that is what is going on. I am seeing huge numbers too which will cause me to owe an absurd amount of money even though I didn't make anything on this. Do you guys know of a way out?
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I-Man I-Man 3 years ago
The Entire IRS needs audited and overhauled in my mind.. Just like the US Government as well. Entire Corporate structures need addressed so CEO's and such do not profit by ruining their companies like here and JC Penneys and others did, leaving every Shareholder, retiree, etc with 100% + losses. Criminal !!!

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RenoLucky RenoLucky 3 years ago
Just received a 990-T form saying $44k taxes owed because I owned shares in 2020. TD Ameritrade said the company probably sold assets to restructure from bankruptcy and we the shareholders are liable for the taxes on those sales. I lost $1800 already when the shares were scrapped. So total loss and no shares or "ownership" but somehow we can lose even more $ than the original investment. Anyone else getting notices about taxes liket his ?
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I-Man I-Man 3 years ago
We need a new Revolution in this Country. against corrupt US Governmental agencies, corrupt corporate structures, against everything AGAINST the US Constitution and how our Forefathers framed it to exist as into the future...

Fraud everywhere especially US securities markets as a whole !
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I-Man I-Man 3 years ago
I hear you. . My accountant said same and it was reported along with JC Penneys losses, etc. But with all the documents he filed this year, we are seeing a $1,200.00 IRS refund overall so that is only silver lining. But we still have not received that refund as of yet either and told many clients are seeing delayed refunds from this Administration...

We are also a small business owner in construction industry here in NC, and where many received second PPP loans/funds, we have not, yet spent better part of last 12 months going through hoops to do so, and in the end, had an actual SBA agent tell us "You are of the wrong skin color".. !! What a thing to hear admitted which we always assumed was the case !!!
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MakinBank MakinBank 3 years ago
also, is it possible to share your accountants number? I am being told it is a stupid thing to do on my end. Since the IRS knows and will go after it
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MakinBank MakinBank 3 years ago
if you think your losses are huge ; have you seen the K-1? the company is allocating their "operational income" which is a.k.a. debt payment, as income for it's partners like you and me. at about 15x leverage of your $ in stock...

so my $8k position or whatever it was is like $100K++ operational income on my personal tax return thanks to FELP management and of course the judge who granted the bk even though the company had more assets than liabilities ..
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MakinBank MakinBank 3 years ago
yes. I am told it has to get filed. read my previous post. Can someone come up with a way out of this? absolutley ridiculuos.

who can hear our plight?
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MakinBank MakinBank 3 years ago
my accountant said it has to be reported since the company is also reporting it to the IRS which will send you a letter with a fine if it is not filed. And that there are no legal grounds not to file it.

this is the most ridiculuos thing that has ever happened to me on the market.

How could the security be legal? this is mismanagement at its finest. Who can help us??
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insearchof insearchof 3 years ago
Thank you, makes sense.
Not sure of your situation here, but my investment went to zero value. That seems penalty enough.
Thanks again
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I-Man I-Man 3 years ago
Honestly I do not know. Never heard of this before. My accountant even said ignore it and do not file anything.

Those execs I think need to look over their shoulders for what they did to this company and its shareholders and bondholders. NOBODY is going to take responsibility for their inept management and carelessness- THEY all need to fork over THEIR assets, homes, etc as far as I am concerned to repair the damage they all did running this company badly- NOT try to place blame or losses onto those who trusted their "invested funds" to them to run the said company properly...
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insearchof insearchof 3 years ago
Hello I-Man,
Does the K-1 have negative impact, even when stock is worthless?
Thank you
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I-Man I-Man 3 years ago
Morning Sand, Our accountant says DO NOT do anything with it, as then you will be obligated.. Just put away somewhere for safe keeping . He said what a piece of shit they are trying to do when they (management) ruined the company... Why no business media press about it is also strange...

This is a crock what they did and every other Corp out there who files BK's.

Thought I saw everything until this BK occurred. THen when JC Penneys did what they did, also got another rude awakening there sadly too..

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sand sand 3 years ago
Anyone on here have issues with the 2020 k-1 form?
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Crazy Money Crazy Money 4 years ago
Some on da FELPQ board, as that is what it trades as for now bye
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Liquid1974 Liquid1974 4 years ago
Thx
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