BNA Report Shows Pass-Through Taxation Issues for Every State

Bloomberg BNA today announced the launch of its new Pass-Through Entity Navigator, the most comprehensive resource of its kind for tax practitioners, which provides detailed analysis and practical guidance on a state-by-state basis for each type of pass-through entity and pass-through entity owner.

Available to subscribers of Bloomberg BNA’s Tax & Accounting State Tax research service, the analysis is written by leading in-state experts and is also accessible through customizable state comparison charts.

“State taxation of pass-through entities is incredibly complex because of the variety of approaches the states have taken to applying their individual and business taxes to them,” said Steve Wlodychak, principal with Ernst & Young LLP’s Indirect (State and Local) Tax Practice, and co-lead author of the navigator. “The challenge has always been to compile into one tax research tool all of that complex information across the many states into a concise, easy-to-use interface.”

The Pass-Through Entity Navigator’s detailed analysis helps practitioners mitigate the uncertainty and complexity of issues for all types of pass-through entities, including partnerships, LLPs, LLCs, S corporations, SMLLCs, series LLCs, QSubs, RICs, REITs, and REMICs. And tax professionals can pinpoint and chart out the answers they need quickly with access to over 1,700 chartable topics, such as formation, conformity to federal tax classifications, taxes imposed, withholding, or composite returns, to name a few.

“As a tax practitioner, I am excited to see a user-friendly, searchable product that combines so many issues and new developments involving pass-through entities and their owners into one place,” said co-lead author, Bruce P. Ely, partner and co-chair of the SALT Practice Group at Bradley Arant Boult Cummings LLP. “I’ve never witnessed anything like this before, and can’t wait to start using it.”

“As states increasingly apply corporate income tax concepts, such as business or nonbusiness income and apportionment to pass-through entities, the lack of clarity on how states tax these entities creates significant risks for businesses and their tax advisors,” said Lisa Fitzpatrick, vice president and general manager, Bloomberg BNA Tax & Accounting. “We are honored to have had the help of Bruce and Steve, two of the leading practitioners in the state arena, in developing and launching a truly unique, comprehensive resource that helps businesses avoid liability, stay in compliance and take advantage of tax benefits.”

For a free trial of Bloomberg BNA’s Tax & Accounting State Tax solution, please visit http://on.bna.com/oWqb30dhngJ.