North Carolina DOR Issues Updated Information on Recently Enacted Pass-Through Entity Tax

The North Carolina Department of Revenue (DOR) Dec. 2 issued a notice regarding the state’s recently enacted pass-through entity (PTE) tax, for individual income tax purposes. The DOR updates a previously issued notification to update the type of voucher a taxed PTE must use to make an estimated tax payment. The notice provides that as of Jan. 1, 2023, a taxed S corporation must use Form CD-429 PTE, Taxed S Corporation Estimated Income Tax, and a taxed partnership must use Form NC-40 PTE, Taxed Partnership Estimated Income Tax. The DOR also informs taxpayers that both vouchers are available from its ...