Gatto McFerson Certified Public Accountants
Gatto McFerson Certified Public Accountants
LATEST NEWS2022-02-26T13:08:01-08:00

Updates from the Firm

New Details on Pass-Through Entity Tax

February 22nd, 2022|

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. This “work-around” was designed to avoid the current $10,000 limitation on the deductibility of state and local taxes for Federal tax purposes. Here is how it works:

Pass-Through Entity Tax Worksheet

February 22nd, 2022|

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.

Update on Pass-Through Entity Tax

December 30th, 2021|

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.

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