West Virginia Tax Division Releases Income Tax Schedule EK-1 With Instructions

The West Virginia Tax Division May 1 released Schedule EK-1, WV Partner/Shareholder/Member/Beneficiary Elective Pass-Through Entity Income Credit, with instructions, for individual income and corporate income tax purposes. The instructions include: 1) that the partners, members, or shareholders (partners) of a pass-through entity (PTE) which has elected to pay tax may receive an income credit for tax paid; 2) that the credit may only be claimed against tax liability of an individual partner; 3) that the form provides a reporting mechanism for a PTE to report the distributive share of income, tax paid, and credits generated for partners; 4) information on ...