DRS Issues Guidance Regarding the Calculation of the Pass-Through Entity Tax

The Department of Revenue Services (DRS) recently issued Guidance Regarding the Calculation of the Pass-Through Entity Tax, the result of new federal (Tax Cuts and Jobs Act of 2017) and state (Public Act 18-49) legislation.

At the suggestion of members, CTCPA has asked DRS create a flowchart to further guide practitioners in these calculations, similar to the IRS flowchart created for Section 199a deductions. DRS is now looking into doing so.

DRS is expected to continue to issue additional guidance on Public Act 18-49, and we will continue to communicate with DRS staff on your behalf. We encourage you to forward questions to Mark Zampino at markz@ctcpas.org to help inform these conversations as well as additional guidance issued.

 

View the new guidance.