Sophisticated Investments

At tax time, does someone you know receive a Schedule K-1 (Form 1065) from an investment they or their financial advisor bought into; maybe in the oil & gas industry? Their tax preparer is familiar with the K-1, but they may or may not know what to do with the attached information. Supplemental information documents look confusing, and they do not contain explicit instructions on what to do with the data, which may lead to some tax preparers ignoring this information. Since the documents typically report tax deductions, the IRS is not going to make a taxpayer claim them. Hypothetically, everyone would be none-the-wiser after losing out on tens-of-thousands of dollars in tax deductions.More