Tax Update: IRS Provides Certainty Regarding the Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes

    Posted by Alan Greenwell on Nov 12, 2020 11:33:28 AM

    IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.

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    Topics: ohio, Tax, Tax Team, Tax updates, workplace productivity, Management, 2020, S Corporations, Partnership

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