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Important Change – Philadelphia School Income Tax (Form S-1)

Important Change – Philadelphia School Income Tax (Form S-1)

The attached memo from Phila. Revenue explains they are now taxing S corporation DISTRIBUTIONS, not the other numbers on a shareholder’s Form K-1

It is extremely important to note that if you reported income for which there were no distributions in prior years, the distributions you subsequently receive in 2014 or later years may not be taxable.

Philadelphia School Income Tax Update

 

February 9, 2015