South Carolina DOR Releases Form I-435, Active Trade, Business Income for Electing Partnerships, S Corporation

The South Carolina Department of Revenue Sept. 23, 2021 released Form I-435, Active Trade or Business Income for Electing Partnerships and S Corporations, with instructions, for individual income tax purposes. Beginning with the 2021 tax year, a qualified entity can elect to have its active trade or business income taxed at a 3 percent flat tax rate imposed on the entity itself instead of its qualified owners. Partnerships, S corporations, and limited liability companies taxed as a partnership or S corporation must complete the form to identify active trade or business income and calculate the tax. [S.C. Dep’t of Revenue, ...