momof3 Posted December 13, 2007 Report Share Posted December 13, 2007 Client is a partner in a law firm. Has to decide whether to participate in composite returns or not. How do you determine whether he should or not? States are RI, NJ, DE, NY. Thanks again. Quote Link to comment Share on other sites More sharing options...
OldJack Posted December 13, 2007 Report Share Posted December 13, 2007 What is a composite return? Quote Link to comment Share on other sites More sharing options...
jainen Posted December 13, 2007 Report Share Posted December 13, 2007 >>What is a composite return?<< It either means when you buy too much chipboard, or the way sunflowers reseed themselves every year. Quote Link to comment Share on other sites More sharing options...
Jake Posted December 13, 2007 Report Share Posted December 13, 2007 What is a composite return? I suspect what the poster is referring to is the option that pass through entities sometimes have to pay the state taxes for the out of state income on behalf of a member/owner. The benefit is that the taxpayer will not have to file additional state tax returns. In my limited experience I have found that from a bottom line tax perspective it doesn't really matter if a composite return is filed or not. Quote Link to comment Share on other sites More sharing options...
RJM Posted December 15, 2007 Report Share Posted December 15, 2007 Thanks Jake, I never heard of this before ! Quote Link to comment Share on other sites More sharing options...
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