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Hey fishes,
One of my friend is in need of a Job ,the person is looking for non voice process roles in any MNCs .
It would be kind of you if you can provide a referral Fresher roles are appreciated as my friend doesn't have any experience.
Thanks in advance !Amazon Flipkart Google Tata Consultancy Infosys Infosys Limited Wipro Technologies HCL Technologies
Definitely not suspicious at all. Nope.
Looking for a position in Las vegas !?
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Mentor
If your client was issued a K-1 with 13k, that means the partnership issuing the K-1 was subject to the limitation under 163j. They passed that deduction to your client and now it’s going to sit suspended at your clients level until the exact same partnership issues your client a K-1 with Excess Taxable Income on it in the future.
It’s going to be a temporary difference on your book to tax rec and increase federal taxable income.
The state K-1s should identify if they don’t follow federal by including that same amount as a subtraction.
Mentor
D1, Assuming the partnership issuing the K-1 wasn’t subject to 163j, then the limitation analysis does happen at your clients level. The firm that sent you that K-1 is pretty stupid for not providing share of gross receipts or ATI, do they want all the partners’ preparers asking them for that info?
My favorite way 163j gets screwed up is when they pass through any EBIE that they got from a lower tier partnership. Cracks me up, and makes me cringe, when I see a K-1 with EBIE and ETI on it.
It is a per state determination.. usually state K-1s would provide a footnote pertaining to 163J. It could be in 13k but it also could be booked by fed into Line 1 it really depends - I would consult your firm matrices.. I know there used to be an official 163J PwC matrix explaining state by state
I’ve seen clients with different approaches to this - you can go off your federal workpapers and take adjustment for nonconforming states for 13k / go with lower-tier K-1st’ state footnotes. People really do different things when it comes to 163J and you should def discuss with higher ups the approach you want to take