Pass through taxation is a method in which taxes of a business are "passed through" to the tax return of the individuals owning the business. Sole proprietorships, partnerships, most Limited Liability Companies (LLC) etc., qualify for pass-through status. Under the Pass-through status it also means that these business entities are not subject to double taxation as are corporations.
Pass through taxation through a LLC also presents some opportunities for tax planning among members. This is an incredibly complex area and needs a broad range of experienced professionals who can help clients go through the complex rules governing the taxation of sole proprietorships, partnerships etc. JP MAGSON has in place Pass-through Tax Consulting professionals and Associate Consultants with experience you can rely on.
The team provides comprehensive tax planning and guidance on:
- Choice of entity decisions and conversions
- Formation, termination and structuring
- Mergers, acquisitions and divisions
- Partner and shareholder compensation
- Allocation of partnership income
- Entity-level taxes