Income/Franchise:
West Virginia Tax Division Addresses Implementation of New Elective Pass-Through Entity Tax
Information About the Pass-Through Entity Tax (SB 151), W.Va. Tax Div. (4/23). Pursuant to new law that permits some pass-through entities (PTEs) to make an annual election to pay an entity-level state income tax for taxable years beginning on and after January 1, 2022 [see S.B. 151 (2023), and recently issued Multistate Tax Alert for more details on this new law], the West Virginia Tax Division (Division) explains how it plans to implement the new PTE tax and references its notice, Administrative Notice 2023-01, for details on the special rule applicable to tax year 2022 that requires the new PTE tax return be filed between June 8 and September 15, 2023. The Division addresses the PTE tax return filing and payment deadlines, as well as estimated payments. Please contact us with any questions.
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
