The first of these efforts to gain approval from the IRS is a state-imposed entity-level tax on pass-through entities (PTEs), such as partnerships or S corporations. Many states passed legislation that allows PTE owners to elect to pay tax at the entity level as oppose...
the Governor’s $311 billion infrastructure plan, which is the largest and the most expansive in New York State’s history. One of the keyfavorableprovisions of the law is a new, elective Pass-through Entity (“PTE”) Tax. This
The article discusses the enactment of entity-level taxes or withholding requirements on distribution to nonresident owners in various states. Some factors to consider in the application of federal rules at the state and local level are cited. An overview of a Louisiana Court of Appeal decision ...
The entity would also be subject to a penalty of 5% of the PTE tax plus interest, which must be paid by the original due date of the taxpayer’s return. Please see a copy of the bill here for additional details. If you have questions about making a Pass-Through Entity Tax election, ...
48 (FIN 48), Accounting for Uncertainty in Income Taxes, to pass-through entities (PTEs). It states that some action should be taken promptly to limit potential FIN 48 tax exposure. Some of the more common issues concerning these PTEs include partnerships, LLCs and S corporations operating ...
North Carolina enacts changes to the franchise tax and expands the pass-through entity tax Enacted on Oct. 3, 2023, House Bill 259 caps the franchise tax at $500 on the first $1 million of a corporation’s franchise tax base. For the tax base exceeding $1 million, the rate is $1.50...
Income tax systems with "pass-through" entities transfer a firm's income to shareholders, which are taxed individually. In 2014, a Chilean tax reform introduced this type of entity and changed to an accrual basis that distributes incomes... J Barrera,E Moreno,KS Varas - Springer US 被引量...
Understanding Your Eligibility for New York’s Pass-Through Entity Tax (PTET): Key Points for the Upcoming Tax Season Read More Insights May 21, 2024 Upcoming Deadline Alert: First Payment for California Elective Pass-Through Entity Tax for 2024 Read More Insights May 15, 2024 Top 5...
Income or gain from a pass-through entity doing business in Ohio. There is an exception for full-year nonresidents of reciprocal states, where the individual’s only source of Ohio income is wages. Residents of those reciprocal states — Indiana, Kentucky, West Virginia, Michigan and Pennsylva...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.