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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How can I specifically allocate expenses to the K-1 on form 1120S?
How can I specifically allocate expenses to the K-1 on form 1120S?
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hitechcpa
Level 1
06-18-2020
07:05 PM
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abctax55
Level 15
06-18-2020
07:31 PM
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Anything (income, expenses, distributions..) have to be allocated based on % of ownership of each shareholder in an S-Corp.
Otherwise, you have a C-Corp as the S election is voided.
HumanKind... Be Both
