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In preparation for the 3/17 deadline, see our most popular resources on the Hot Topics page. Lacerte | ProConnect | ProSeries
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- Notice 2014-7 for S-Corp
Notice 2014-7 for S-Corp
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Hi!
TP is a sole proprietor providing home care services and was previously showing and excluding the income in his Schedule C using the instructions from Q14 https://www.irs.gov/individuals/certain-medicaid-waiver-payments-may-be-excludable-from-income
The business was approved as an S-corp in 2024 but the situation is still the same - owns only 1 home and he lives with the patients in that home. Does Notice 2014-7 still apply and can he exclude the income similar to how it is done on Schedule C?
Assuming it does and 100% of the income is excludable, can he claim operating expenses resulting in net losses?
Thank you!
