News
Tax law change could net $500K from out-of-state business execs
The Idaho Tax Commission presented a bill Jan. 14 that it estimates could bring in at least $500,000 annually from out-of-state business executives who fail to pay income taxes they owe to the state.
The House Revenue and Taxation Committee agreed to print the bill and will later hold a full hearing on it.
The proposal deals with income taxes collected from partners, members and shareholders in “pass-through entities” like business partnerships, limited liability companies and s-corporations.
Those kinds of businesses pass their profits directly to individual owners, who pay taxes on the income and dividends they receive. Unlike other companies, such as c-corporations, the businesses themselves do not pay taxes.
by Simon Shifrin
MATR Supporters (view all)
Sorry, we couldn't find any posts. Please try a different search.