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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

Full Story: http://www.idahobusiness.net/archive.htm/2010/01/14/Tax-law-change-could-net-500K-from-outofstate-business-execs

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