Our Dash of SALT Blog provides the most recent developments and changes in state and local tax regulations. Here are the latest updates for Montana.
March 20, 2024
Montana Releases Pass-Through Entity Tax Common Issues to Avoid
Authored by: Jessie Racioppi and Penny Sweeting, CPA
The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.” The guidance addresses issues that are commonly brought up by tax preparers and common errors that cause processing issues for the Department. The Department warns taxpayers and preparers that there have been reports of certain tax software requiring the PTET election and reiterates the election is optional. The guidance includes checkboxes that are required to be checked off and the appropriate way the credit should be calculated and flow to the applicable K-1s. For additional information, please refer to the Department’s News You Can Use.
If you have questions about State pass-through entity tax elections, please reach out to a member of the Withum SALT Team.
January 22, 2024
Changes to Montana’s Business Equipment Reporting Requirement
Authored by: Jonathan Weinberg, JD, LLM, Principal and Ryan Schupp
On January 10, 2024, the Montana Department of Revenue published a “Tax News You Can Use” that beginning in tax year 2024, the business equipment tax exemption increases from $300,000 to $1 million. Businesses possessing equipment totaling $1 million or less FMV are exempt from the business equipment tax and do not have to file a report in 2024. Businesses possessing equipment with a total value greater than $1 million FMV will be required to report the equipment owned by March 1, 2024.
Disclaimer: Please note this is the information that is readily available at this time, it is subject to change so please consult your Withum tax advisor.
Have Questions or Need Guidance?
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