I'm a SMLLC (taxed as S-Corp) doing cash based accounting. I am also partner in another LLC and receive guaranteed payments. However, in previous year we all were not paid for last 2 months, yet the partnership (accrual based) recognized the guaranteed payments on our K1s.
I eventually received the payments, but in the following year. How do I reconcile having reported the accrual based income from previous year on my K2, with the receipt of the actual funds in the current year on my own 1160s using TurboTax Business for my LLC?
Thanks for help.
