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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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Avs19
Level 5
03-15-2023
04:32 PM
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Just making sure I'm doing this correctly
I plan to have a cash basis Scorp make the annual election to pay the CO State tax this year. Comes to around 20K. Since the Scorp is cash basis, it won't get the Federal deduction until 2023.
I then plan to take the 20K credit on the owner's 2022 personal State return on 104CR line 12 (Electing pass-through entity owner tax credit)
Thanks
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