When state lawmakers earlier this year adopted a new pass-through entity tax, their goal was to neutralize some of the negative impacts of federal tax changes on Connecticut businesses and residents.
In fact, the new tax contained in Public Act 18-49 was specifically designed to ease the burden on owners and partners of pass-through entity businesses, which include S corporations and LLCs.
But a funny thing happened when those owners and partners went to file their taxes—they were left confused and frustrated over how to comply.
The state Department of Revenue Services issued guidelines on complying with the law but they still left many business owners and partners with more questions than answers.
If you're among those puzzled and perplexed with this new law, you are not alone.
CBIA has gathered a team of tax experts for a July 24 workshop to explain how the new law works and how to comply.
Payment Schedules, Compliance
Navigating the New Pass-Through Entity Tax brings together tax experts, including a representative from the state Department of Revenue Services.
We cover all aspects of the law, including the requirement that a pass-through entity pay taxes on its own income by providing a tax credit that partners may claim on their state income tax and corporate business tax returns.
We also discuss how, starting with the 2018 tax year, pass-through entities will be taxed on their own income and are required to make estimated payments against their tax liability.
Our experts include experienced tax attorney Alan Lieberman of Shipman & Goodwin, BlumShapiro tax specialist Tony Switajewski, and Matthew Dayton from the state Department of Revenue Services.
The morning workshop includes a question-and-answer session.
If your business files as an S corporation or an LLC, you don't want to miss this opportunity.