Considerations for filing composite tax returns

Many states allow a passthrough entity to file a composite return on behalf of its nonresident individual owners in lieu of each owner filing his or her own nonresident return to report and pay tax on his or her share of state income from the entity. A composite return is an individual return filed...

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Bibliographic Details
Published in:The Tax Adviser 2014-03, Vol.45 (3), p.204
Main Authors: Holub, Steven F, Parr, Charles, Oppe, Ami, Zidik, Jr., Donald J
Format: Magazinearticle
Language:English
Subjects:
Alternative minimum tax
Domicile in taxation
Income taxes
Limited liability companies
Management
Methods
Nonresidents
Pass through entities
Powers of attorney
State court decisions
State taxation
State taxes
Tax administration and procedure
Tax rates
Tax returns
Taxpayers
Withholding taxes
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Summary:Many states allow a passthrough entity to file a composite return on behalf of its nonresident individual owners in lieu of each owner filing his or her own nonresident return to report and pay tax on his or her share of state income from the entity. A composite return is an individual return filed by the passthrough entity that reports the state income of all the nonresident owners or, in some cases, the electing members, as one group. Filing the composite return can also relieve the passthrough entity of the withholding requirement that many states impose on passthrough entities with nonresident owners.
ISSN:0039-9957