New FAQs for Small to Mid-Size Businesses from the Vermont Department of Taxes
The Vermont Department of Taxes has issued new FAQs to assist Small to Mid-size Businesses with Vermont-based owners. This guidance aims to clarify filing requirements and procedures, making tax compliance easier for local businesses.
Who Does This Guidance Apply To?
These FAQs are specifically for Vermont Business Income Tax filers, which include:
- S-Corporations
- Partnerships
- Limited Liability Companies (LLCs) filing as pass-through entities
These businesses report income on their owners’ individual tax returns rather than paying corporate income tax directly.
What About C-Corporations?
C-Corporations, regardless of their size, must file Form CO-411, the Vermont Corporate Income Tax Return. The new guidance does not apply to C-Corporations.
Why This Matters
Small to mid-size businesses form the backbone of Vermont’s economy. By clarifying tax obligations for pass-through entities, the Vermont Department of Taxes aims to reduce confusion, ensure compliance, and streamline the filing process for business owners and their tax preparers.
Where to Find the FAQs
Business owners and tax professionals can access these new FAQs by visiting The Vermont Department of Taxes FAQ page. Reviewing this information ahead of tax season can help prevent errors and ensure a smooth filing process.
Stay informed and make sure your business is meeting all tax requirements!
This post is shared by Davis & Hodgdon CPAs as a service to our clients, business associates and friends. Recipients should not act on the information presented without seeking prior professional advice. Davis & Hodgdon CPAs works with individuals and business owners to keep more of what they earn. Our accountants have the experience required to make sure that nothing is missed! For more information or to set up an appointment please reach out to us today.
