What is a Schedule K-1? (and how it impacts you)
A Schedule K-1 is an IRS form that is produced when a Partnership or S-Corporation Tax Return is filed. Each Equity Owner (Partner or Shareholder) receives a personalized K-1 that reflects their portion of the company’s current year Profits (Losses) as well as any non-deductible, owner-responsible expenses incurred by the company (such as Charitable Donations or Distributions).