I doing the taxes for a single member LLC it's generating a K1 for my client.
The same income is being reported on his 1040 on both Schedule C & E.
Will the Franchise Tax Board be sending him a letter asking why we aren't reporting the K1 from the LLC?
Should I put the K1 in on Schedule E page 2 and back out as reported on Schedule C & E?
What are some of you doing in cases like this?
The same income is being reported on his 1040 on both Schedule C & E.
Will the Franchise Tax Board be sending him a letter asking why we aren't reporting the K1 from the LLC?
Should I put the K1 in on Schedule E page 2 and back out as reported on Schedule C & E?
What are some of you doing in cases like this?
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