Hey all!!! Special shout out to those with Indiana partnership tax returns filed on Form IT-65. You thought 2022 was over? Not so fast, Sparky! There is currently a push to revise partnership taxation effective January 1, TWENTY TWENTY-TWO. What's the deal? Short version, qualifying entities can make the election to be taxed at the partnership level. Where this could help is where individual partners/members pay large amounts of state income tax for which deductibility is limited on the federal tax return. I get that - but to editorialize a bit, I have a particular dislike for things retroactive. Curve balls as filing season ramps up aren't something I enjoy. Theoretically there are several partnership returns that should be done - if this legislation passes at the very least I would think forms would need to be updated. For now - just letting you know this is out there - I'll plan to communicate with "my" IT-65 filers and we can chart a course of action. Will plan to keep you posted. All the best!
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