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Does loss in Schedule k-1 form 1065 from LLC deductible in Federal tax return?
In my 2021 schedule k-1 form 1065 from LLC, there were management fees and other miscellaneous spending (no gain). My accountant told me that previously these expense with the amount that is above 2% of the adjusted growth income can be deducted, but it is no longer deductible in Federal tax return per new tax law. Is my tax accountant correct?
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‎September 22, 2022
1:01 PM