Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
North Carolina issues guidance on pass-through entity tax On April 14, 2022 (updated April 27, 2022), the North Carolina Department of Revenue released Important Notice Regarding North Carolina’s Recently Enacted Pass-Through Entity Tax (the “Notice”). The Notice provides answers to frequently asked questions (“FAQs”) regarding the North Carolina pass-through entity tax (the “NC PET”), which allows certain pass-through entities to elect to pay an entity level state income tax for taxable years beginning on or after January 1, 2022.
This Multistate Tax Alert summarizes some of the new NC PET guidance from the Notice. [Issued: May 2, 2022] More
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