Gov. Kathy Hochul was right to defend New York's PTET credit, and lawmakers in Albany should reject it as a policy option ...

On 10/22/24, the IRS announced that is has officially commenced operations of the newly established pass-through field operations unit within its Large Business and International (LB&I) division, ...

What Congresses gives with one hand, it often takes away with the other and that is the case with the “Big, Beautiful Bill” when it comes to advisors who use a pass-through entity model. On the plus ...

The Pass-Through Entity Tax (PTET) was enacted by many states as a workaround to the federal limit on itemized deductions for state and local taxes (SALT). By taxing income at the entity level, PTET ...

The Tax Cuts and Jobs Act (TCJA) of 2017 provides a tax deduction to owners of a business that qualifies as a pass-through entity. The provision is scheduled to last until the end of 2025, but ...

As part of Ohio Senate bill 246, passed by the General Assembly and signed by Gov. Mike DeWine, certain Ohio businesses are now able to pay and deduct at the entity level income tax that was ...

SALT deduction cap temporarily raised from $10,000 to $40,000. PTETs allow businesses to bypass federal deduction limits. OBBBA permanently instates the 20% qualified business income deduction. Tax ...

The Connecticut Department of Revenue Services released guidance this week on the recently enacted Pass-Through Entity Tax Credit, which state lawmakers approved this spring as a way to get around ...

Prior to 2018, a taxpayer could generally deduct his state and local taxes for purposes of determining his federal taxable income. Beginning in 2018, the Tax Cuts and Jobs Act (P.L. 97-115) ...