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Article: Accounting profession supports new law prohibiting states from taxing nonresident partners' retirement income.
- Article from:
- CPA Letter
- Article date:
- September 1, 2006
CopyrightCOPYRIGHT 2006 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A bill supported by the AICPA and others within the accounting profession was signed into law last month by President Bush. The new law prohibits states from taxing the retirement income of partners who are not residents of that state.
"The new law ensures that states' tax rules for retirees are uniform, whether the retiree was an employee or a partner," Tom Ochsenschlager, AICPA Vice ...