Yes. It will have an impact on your 1120-S (if you are an S-Corp) or your 1065 (If you are an LLC) as the numbers will be overstated since you will be missing the deduction in your income. This would affect the K-1 as well. It actually may affect other forms, it would just depend on what the forms are. Most it shouldn't, but the ones it definitely would would be the main tax filing form and the K-1's.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
