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...
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CA Single Member LLC k1 when reporting Federal E and C
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Retirement Plan?? / Single Member LLC
As background, I have a full time Corporate job with a 401K and then also a side tax practice (setup as a single member LLC) that nets about $15K per year. For years, I've been able to max out the 401K of my Corporate America job. Though, for the past two years, the plan discrimination testing has resulted in me getting a significant check back after...