mlcpa
Level 3

Hello,

It is my understanding that . . . .

  • Employer (Profit-Sharing) Contributions: Reduce business income.
  • IRS Publication 560: Confirms that employer contributions reduce net business income

 

"When you mentioned that 'A ProConnect user will need to help you with how to get it on the K-1s in Box 13,' I just wanted to clarify that I am a tax professional. Based on your advice, I believe that makes me a PTO user—please correct me if I’m mistaken.

I truly appreciate your messages and the time you've taken to help. Thank you!

 

0 Cheers