Tax filing time is when 2014 tax credits from successful EITC donations are claimed and tax refunds
are requested. The process is simple with passthru entities transferring the credits to owners on k-1 forms informationally and then requesting the actual transfer from company to individual on form Rev 1123. http://www.revenue.pa.gov/FormsandPublications/FormsforBusinesses/Documents/Corporation%20Taxes/rev-1123.pdf With the new law allowing a May 15th early renewal from all existing donors and an alternative option in EITC credits should your credits be oversubscribed on May 15th calculating the proper amount to apply for and adjusting 2015 estimated PA taxes seems like a wise thing to coordinate between taxpayers, their businesses, tax accountants and scholarship organizations like us who prepare your 2015 applications.
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AuthorRandy Tarpey CPA Categories |