mlcpa
Level 3
02-08-2025
04:32 PM
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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!