Tax Computation

Topics

April 1, 2024

Recognizing transactions that trigger built-in gains or losses

Various types of transactions can cause an S corporation to incur built-in gains or losses, including Sec. 481 adjustments from a change in accounting method.

August 1, 2022

State PTE elections: A big picture perspective

Practitioners may face a difficult analysis in helping their clients understand their possible PTE election opportunities.

September 1, 2021

Illinois PTE tax would provide SALT cap workaround

This item discusses Illinois Legislature’s S.B. 2531, which includes a PTE tax that allows a workaround to the federal $10,000 limitation for state and local tax deductions.

November 10, 2020

Partnerships and S corps. can deduct state and local taxes

The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.