Unitary Filing question

Technical topics regarding tax preparation.
#1
Posts:
679
Joined:
30-May-2014 1:43pm
Location:
MA
I will admit we probably have a couple of clients that we should be doing a state unitary filing but we are not. And I am not up to speed on how the return should look or if it is even required but here is situation

Q-Sub parent who has a checking account and maybe wrote 5 checks for the year. Paid state corporate tax, accounting bill and then loaned money to sub. The Sub has all of the activity and then there is a SMLLC (owned by Q Sub) that owns the real estate and rents to the sub. The SMLLC pays the mortgage.

I have consolidated all this info on an 1120S , so the building and mortgage is on the 1120S and the rent/rental income net to zero.

Should I be filing one 1120S with all the activity under Parent EIN?

At the Massachusetts level is a unitary filing required ? We are well under the $6 million revenue number so are not getting around the sting tax

PS Not sure why attorney set it up like this bit it makes my life difficult
 

Return to Taxation



Who is online

Users browsing this forum: 808CPA808, Google [Bot] and 103 guests