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Apple75
Level 1

Can I change percentage of shared loss in a particular year for a LLC?

My CPA did wrong last year, he allocated all loss to one share holder. Instead of amend last year return, because it is too much trouble, there are several shareholders, if we amend business return, personal returns will be amend too. can we make internal agreement, allocate all the loss to other members for the following years?

2 Replies
MMTaxMM
Level 10

Can I change percentage of shared loss in a particular year for a LLC?

You can make any kind of agreement you want if all member agree. The return should be amended as that's the correct way to handle this.

Apple75
Level 1

Can I change percentage of shared loss in a particular year for a LLC?

thank you 😀

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