Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until[ … ]

New Arizona Tax Credit for S Corps contributing to STOs

New Dollar-for-Dollar Arizona Tax Credit for S Corporations for Contributions to School Tuition Organizations During 2015, Arizona added a new dollar-for-dollar state tax credit opportunity for entities treated as S-Corporations. A dollar-for-dollar credit means that for every dollar paid, the S corporation shareholder receives a dollar tax credit on their Arizona income tax return. Essentially[ … ]