1923462
You'll need to sign in or create an account to connect with an expert.
Most US businesses are taxed as pass-through (or flow-through) entities that, unlike C-corporations, are not subject to the corporate income tax or any other entity-level tax. Instead, their owners or members include their allocated shares of profits in taxable income under the individual income tax.
Pass through entities include Partnerships, S-Corporations, and LLCs (other than single member that don't elect S-Corp status).
It all seems just the latest "not well publicized event" to consider for small businesses like mine! I live & work in RI, and knew nothing of this & certain there's many others in the same situation.
RI State Tax has so little info, and from what I've read, I will choose to ignore it ... most docs refer to non-resident and it's far from clear what, if any benefit I gain from "electing" to file. The simple fact it's elective suggests there are pro's & con's with the only certainty being that it will likely cost me more to obtain professional advice than it will save by filing!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
laquisa92
New Member
4QHOLD
Returning Member
K1 form multiple boxes checked
Returning Member
qualisquamurphy
New Member
alec-ditonto
New Member