M-2 instructions 1120 Form 2023-2024

M-2 instructions 1120 Form: What You Should Know

They would have created a tax policy that applies only to partnerships and sole proprietorship. This is simply not possible without significant regulatory changes and probably a court ruling (which most expect). If they had done this, they would have done it in a way that did not meet federal tax laws, and would have to do it over again. Here's what the Trump transition team wanted to do (and still wants to do). They want to tax the income of sole proprietors, like a sole proprietorship; however, they want to tax the income of business entities. Since a business entity does not pay corporate income tax, if it is involved in a contract or business relationship with another business entity, it will pay no tax. A partnership would simply pay capital gains tax when it gets the income associated with the contracts or business relationships. An LLC would pay a special income tax called “income inclusion” on any income generated from a business entity and no other personal income tax whatsoever. So, the S Corporation would effectively pay no tax at all but a partnership would have to pay a special tax that is designed to make the difference. The bottom line is that the S Corporation should not be taxed under a tax policy that does not tax the income of sole proprietorship. A business entity with no income and a partnership with no income all pay no federal business tax at all. The S Corporation is a special case and should be treated like a sole proprietorship.

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