Partnerships are not subject to income tax at the entity level. Instead, they operate as pass-through entities, meaning the partnership’s income, deductions and credits flow directly to the individual ...

The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

Sherrill’s business tax proposal would limit a key deduction, affecting about 10,000 New Jersey taxpayers and raising $120 ...

Filing taxes can be daunting, even overwhelming. Whether you file with help from a professional or on your own, calculating precisely what you owe to the Internal Revenue Service, or what the IRS owes ...