pass-through entity
Virginia has posted draft guidelines of its new Pass-Through Entity Tax (“PTET”). This is an important step to allow qualifying pass-through entities to pay Virginia tax on behalf of their owners at the pass-through entity level rather than the owners paying the tax at the individual level, thus avoiding the state and local tax cap…
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A pass-through entity is any entity in which the income and losses from operations pass through the entity level and down to the partners or members who are ultimately taxed on that income at Virginia’s individual tax rate of 5.75%. These pass-through entities include partnerships, S-Corporations, and single member LLCs. States have enacted legislation to…
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