How should S-Corporations and Partnerships report their profits?
Unlike federal tax requirements for Middletown income tax purposes profits of S-Corporations and Partnerships are not passed through to shareholders or individual partners for inclusion in their individual returns (in most cases). An exception to this rule is a resident partner involved in a non-resident partnership, which isn’t taxed (report on Form IR). S-Corporations and Partnerships and Partnerships must report and pay the Middletown income tax as a business using Form BR.
Related Questions
- How should we report earnings for partnerships, sole proprietorships, limited liability corporations and the like when there is no salary and no W-2 form is issued?
- Who gets the benefit of tax credits earned by s-corporations or partnerships?
- How should S-Corporations and Partnerships report their profits?
