Currently, the Internal Revenue Code (IRC) places significant limitations on state tax deductions for individuals. California’s new law provides a workaround to this limitation by allowing a PTE to make an election to pay California income tax at the entity level. Specifically, the election creat...
Virginia released updated guidelines on its pass-through entity tax to address legislation enacted last year as well as for S corporations with resident and nonresident owners. Assess the impact: The new guidelines are intended to provide pass-through entities with a workaround to the $10,000 lim...
Understanding New York’s pass-through entity tax The NYPET is effective for tax years beginning on or after January 1, 2021, for eligible entities that are required to file a New York return.7 Entities opting to participate in the NYPET regime must make an annual election online, by March...
Laws governing these entity-level tax elections vary significantly by state. Some of the state pass-through entity tax (PTET) elections are mandatory, while others allow each owner to make the election separately. Some states allow residents a credit at the individual level for tax...
“Fixed Season Pass” means a season pass that gives the holder a fixed number of days to use the pass throughout the season, usually ranging from one (1) to ten (10) days. A list of Fixed Season Passes can be found here.“General Season Pass” means a season pass that is not ...
“Core Season” means the period of December 7, 2024 through April 17, 2025, which shall be deemed to consist of one hundred thirty-two (132) days. “Domestic Partner”means your spouse or domestic partner who lives in the same Permanent Residence. ...
July 4, 1776, is the day the Declaration of Independence was adopted. Considered America's birthday, the date has become a reason for nationwide celebration annually. Citizens throughout the U.S. traditionally celebrate the federal holiday with long weekends or extended vacations since it falls in...
REMIC Provisions: Provisions of the federal income tax law relating to a REMIC, which appear at Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A of the Code, and related provisions, and regulations, rulings or pronouncements promulgated thereunder, as the foregoing may be...
July 4, 1776, is the day the Declaration of Independence was adopted. Considered America's birthday, the date has become a reason for nationwide celebration annually. Citizens throughout the U.S. traditionally celebrate the federal holiday with long weekends or extended vacations since it falls in...
“Affiliate” means any entity, now or hereafter existing that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with Splashtop, including but not limited to Foxpass Inc. For purposes of this definition, "control" means direct or...