Connecticut Offers Guidance on Public Act 18-49

By June 12, 2018 August 2nd, 2019 Recent News & Events, Tax Consulting & Compliance
June 12, 2018

Connecticut Offers Guidance on Public Act 18-49

Connecticut recently passed Public Act 18-49 (ACT) which changes how CT taxes income earned by Partnerships and S Corporations, including Limited Liability Companies treated as Partnerships and S Corporations for federal income tax purposes. A Pass-Through Entity is now subject to pay taxes on its own income.
ACT provides a tax credit, which is intended to ensure Pass-Through Entity’s income is not taxed twice. Payment may be due on June 15th. Please contact a Sansiveri tax professional with any questions at 401-331-0500. Guidance is available here: https://www.ctcpas.org/Content/Files/Pdfs/sn2018-4.pdf
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