As we have mentioned before, several states, including California, have recently enacted legislation that allows S-Corporations and partnerships to pay state income taxes at the business level via their Pass-Through Entity (PTE) tax return.
Here is an example of a Pass-Through Entity Tax Worksheet for reference, with footnotes for specific line items, to show how these new regulations might effect you.
Several states have recently enacted legislation that allows S-Corporations and partnerships to pay state income taxes at the business level via their business tax returns.
Taxpayers are breathing a sigh of relief as the proposed 2021 tax changes appear to be less onerous than once feared. Provisions that were causing panic in the streets last summer have been either eliminated or trimmed back substantially.
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