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Form Instruction 1040 Line 44 Florida Hillsborough: What You Should Know

For details, refer to Appendix A of the new rules. Click link for the full text of the updated rules for the use of pass-through entities.) If you are a corporation, and are a pass-through entity, your “income” is the income of the pass-through entity, whether that income is “directly” derived from the corporation or “indirectly” derived from someone other than the corporation. This could include dividends from a partnership interest or an interest in a trust. You are NOT, however, required to apply the additional 50-percent federal tax to income from a pass-through entity. It is still subject to the regular business income tax rate. The new rules for income from pass-through entities were to apply to income and profits for business entities that were required to apply the new 50-percent tax, beginning on January 1, 2018. Because the rules were not ready, many pass-through entities are subject to the 50-percent tax in 2018. If you are a partnership, partnership interest or S corporation owned directly by you or your spouse and your business is engaged in the trade or business of providing tax-exempt social services and is operated in a city. (For this purpose, “city of” means a city with a population of at least 1 million and is located, unless otherwise specified, in a state, a county, a territory, or an area under the legislative jurisdiction of any state, a county, or a territory, as described in (3)(B)(iii)(V) above.) Your business activities must be directly related to the provision of social services and your activities must be a substantial part of those of your corporation, partnership, or S corporation. For example, you might have a social services organization, which is owned by you and your spouse. But, because it provides social services primarily to people in your neighborhood, it is a pass-through entity and cannot be taxed as a corporation, partnership or S corporation, because it is not controlled by you nor is it owned directly by you or your spouse.

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