How To Take Advantage of Pass-Through Entity Tax in North Carolina

calendar iconFebruary 8, 2023

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Following other jurisdictions that created a workaround from new requirements in the Tax Cuts and Jobs Act of 2017, North Carolina first enacted their pass-through entity tax (PTET) election through North Carolina Bill 105. These elections became available to businesses on January 1, 2022. Businesses operating as partnerships or S Corporations and filing a Federal Form 1065 or 1120-S, are potentially eligible to take advantage of the North Carolina PTET election.

Cathie StantonState & Local Tax Leader, and Tony Konkol, State & Local Manager, are back on Cherry Bekaert’s Tax Podcast to discuss North Carolina’s PTET elections. Together, they unpack how businesses can capitalize on this benefit, utilize this election, tackle its intricacies and comply with each jurisdiction’s varying requirements when filing.

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