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 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, ...
Practices may find this short primer on state pass-through entity election and year-end tax tips helpful to determine whether they can benefit from a state tax strategy or create some tax savings before Jan. 1, 2023.Sanjeev BhatiaDavid B.Mandell...
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...
Nearly 200 general election absentee ballots not processed properly in Madison Updated: Dec. 28, 2024 at 12:55 PM GMT+8| By Juliana Tornabene and Shaina Nijhawan The unprocessed ballots came from Wards 56, 65 and 68. Politics One-on-one: Wisconsin Attorney General Josh Kaul previews 2025 ...
Note that this tax rate cut does not apply to corporations, which will continue to be taxed at 5.75%. Similarly, pass-through entities (PTEs) that elect to be taxed at the entity level will continue to be taxed at the higher 5.75% rate. Owners of such PTEs need to consider ...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
Rick Weiland, the co-founder of Dakotans for Health, urged lawmakers to invoke the “emergency clause” to pass the bill during the upcoming legislative session. State Solving South Dakota’s housing problem through idea sharing Updated: Dec. 8, 2024 at 1:01 AM GMT+8| By Bart Pfankuch How...
-through entity the possibility of a charitable contribution deduction that equals or exceeds an amount that is two and one-half times the amount of the investor’s investment.” The rule applies whether the interest is purchased directly or indirectly, i.e., through another pass-through entity...