In
the January 2011 issue, the “Filing
Season Quick Guide—Tax Year 2010” misstated the first-time
homebuyer credit for some married taxpayers. It should have said the
credit is $4,000 for married taxpayers filing separately.
The February 2011 article “Tax
Practice Corner: Multistate Tax Considerations for S
Corporations” listed Louisiana among states that “tax S
corporations in the same manner as C corporations.” However,
Louisiana allows an S corporation to exclude from taxable income the
percentage of its net income on which its shareholders have paid
Louisiana taxes.
