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Year of Deduction 2020 or 2021?

  • 1.  Year of Deduction 2020 or 2021?

    Bronze Most Valuable Member
    Posted 08-12-2021 11:27 AM

    Partnership paid 300,000 of tax with the filing of the 2020 CT Entity Tax Return in March 2021. Big number!

    I know about the pass through entity tax credit for the partner on his 2020 individual tax return  but my issue is to confirm that the 300,000 is a tax deduction on the 2021 partnership tax return not 2020.  ( I am unsure if cash basis partnership could accrue and deduct the tax on the 2020 tax return)

    Thanks so much!

     

    Alan M. Roseman CPA & Associates LLP

    2171 Jericho Tpke, Ste 330

    Commack, NY 11725

    (P) 631-486-6032

    (F) 631-486-6035

    Alan@AlanRosemanCPA.com

     



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