One of the main tax benefits of electing a pass-through business structure is avoiding double taxation. Business earnings are only taxed once, on the owner or shareholder's personal tax return. Schedule your fre
Another aspect to consider when making the election is whether the PTET paid to a state is refundable at the owner or pass-through level. Some states, such as New York, allow for the credits to be refunded while other states, such as California, only allow for credits...
Entity tax payments also need to be made on or before the original due date of the US federal income tax return for a year in which the election is made—March 15, 2023, for calendar-year PTEs making the election for the 2022 tax year. Any tax payments made by the PTE as nonresident...
In 2018, Connecticut became the first state to enact a Pass-Through Entity Tax (PTET), which, in a nutshell, turns state tax payments for certain business owners into deductible business expenses – and unlike the charitable contribution scheme, this strategywasgiven the IRS’s blessing inNotice...
South Carolina Pass-Through Entity Tax (“SC PTET”) South Carolina enacted a PTET in 2021 that allows partnerships, LLCs and S corporations to make an annual election by the original or extended due date of the entity’s return. A qualified entity is one that is comprised of all its inv...
Pass-through taxation is one reason people choose to form LLCs. An LLC is a pass-through business entity and it avoids double taxation. Tip: It may be easier to think of pass-through taxation as “flow-through” taxation. Meaning, the tax-paying responsibility “flows through” to the LLC...
If you make a Core Season election, you must also make either a “Primary Resort” or “All Resorts” election under EPIC Coverage. Some resorts may not be available for selection as a Primary Resort.2. Making your Election. You may make your election under EPIC Coverage through the “My...
(POTUS) is directly elected every four years based on the number of electoral votes in that given year. The election of the president is the only one in the federal government not based on popular vote. All U.S. registered voters indirectly elect the president through the Electoral College,...
We celebrate the federal holiday on July 4 to commemorate the Declaration of Independence, the official document that formalized the break between the U.S. and Great Britain, which was signed on the same day in 1776. Every July for nearly 250 years, Americans nationwide have celebrated the nat...
President-elect Donald Trump’s transition effort is continuing to churn through potential picks for the next head of the Transportation Department, with the current crop of names including a former reality TV star, a former executive at Uber and a former Republican lawmaker from California w...