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INFORMATIVE RETURN - PASS-THROUGH ENTITY

INFORMATIVE RETURN - PASS-THROUGH ENTITY 2025

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The document is a tax form (Form 480.60 EC) from the Government of Puerto Rico's Department of the Treasury, designed for reporting the distributable share of income, losses, and credits for pass-through entities. It includes sections for owner information, capital account analysis, tax withheld, and various tax credits related to specific acts. The form is intended for informational purposes only and should not be used for filing.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a pass-through entity return?

A pass-through entity is a business structure legally akin to the individual(s) who owns it. It gets taxed at individual income tax rates and reports its income on the individual income tax returns of the business owner(s).

Is pass-through entity tax a good idea?

Since individuals own the vast majority of construction companies through S corporations or Partnerships, the PTET (Pass-Through Entity Level Tax) can save your individual tax clients substantial amounts of money.

What is the purpose of a pass-through entity?

A pass-through entity is any business that is recognized as a separate entity for federal income tax purposes and the owners of which report their distributive or pro rata shares of the entitys income, gains, losses, deductions, and credits on their own returns.

What does it mean that an LLC is a pass-through entity?

Limited liability companies (LLCs) are whats called pass-through entities. This means that the business does not pay corporate income taxes. Instead, the individual owners or members of the LLC collect its proceeds as income and then pay personal income taxes on the results.

What are the benefits of a pass-through LLC?

The main benefit of pass-through taxation is that your business entity is not subject to double taxation. Meaning you dont pay tax twice (at the corporate and personal level) on the same source of income. By comparison, traditional corporations are subject to double taxation.

What is the difference between a pass-through entity and an LLC?

Limited liability companies (LLCs). LLCs are considered pass-through entities because they are not subject to corporate income taxes. Instead, the owner(s) reports the proceeds as federal income for the business and is then taxed at the individual income tax rate.

How do I report PTET on my federal tax return?

You can either include a copy of Form 3804 with the CA K-1, or manually enter the amount of PTET allocated to each shareholder on Sch K-1 Line 18e. This is the amount the shareholder would report on their Federal return as California taxes paid on their behalf.

INFORMATIVE RETURN - PASS-THROUGH ENTITY 2025

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